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Renee
Michigan
549 Posts |
 Posted - 11/27/2011 : 02:57:43 AM
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Definitely none of our business - but just for the record, there are a lot of checks & balances in place to help prevent this type of fraud long before closing. Lenders certainly don't just rely on the Aff of Occupancy.
On a refi - they'll look at the address used on W2's and paystubs, check the property taxes, hazard ins, etc.
On a purchase, they again have the hazard ins prior to close but will also look at the logistics: where do they work? Is the new property an upward or lateral move, or a down-sizing that makes sense? Where do they work, is the drive reasonable? Are they going from a stable community to a less-than-stable community? If they still one a current primary residence, they'll have to show the listing agreement & other signs will be checked to verify the house is for sale.
This detailed verification process is the responsibility of many others - to imply that it rests on the borrower's sworn statement IMO is an example of how LITTLE we as NSA's might know about loan processing & underwriting - further evidence it is an area we do not belong in. |
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Lisa T.
California
391 Posts |
Posted - 11/26/2011 : 8:35:12 PM
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<<<You can tell with some certainty if the dining room table you are signing at is in a different address from the address of the property in question!>>>
Not necessarily. I've had borrowers sign at a family member or friend's place for a couple of reasons:
(a) No notaries in borrowers' area or willing to drive to their area
(b) Notary happens to be located near the family member of friend so
borrowers can visit and get docs signed (kill two birds with one
stone)
(c) Borrowers prefer to sign someplace other than property address
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edelske
New York
815 Posts |
Posted - 11/02/2011 : 12:33:35 PM
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quote:
Originally posted by Lee-AR
Don't know. Not my job to play detective. I've signed many a loan at a neutral location or their job, so would not be in a position to KNOW diddley. Fact is, the Bs are stating 'whatever'... and they're the ones who will have to live with their statements.
Lee did a perfect reply to the initial post.
We check the ID, witness the signature; and add our notarization. Generally, we have no desire or interest in the content of the document. Be careful here, we must maintain a complete separation from the content and the identity of the person signing. We are not detectives.
Kenneth A Edelstein
Mobile Notary, Apostille / Legalization Processing & Fingerprinting
http://www.kenneth-a-edelstein.com |
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Lee-AR
Arkansas
678 Posts |
Posted - 10/09/2011 : 4:19:51 PM
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Don't know. Not my job to play detective. I've signed many a loan at a neutral location or their job, so would not be in a position to KNOW diddley. Fact is, the Bs are stating 'whatever'... and they're the ones who will have to live with their statements.
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jbelmont
California
3106 Posts |
Posted - 10/08/2011 : 2:26:52 PM
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It is common knowledge that a borrower can get a better rate if they live in the building, at least for the first 12 months. They have to sign an occupancy affidavit to "prove" that they will live in the building. The rate might be roughly half a percent better, which makes a big difference over the life of the loan.
But, honestly, how many of your borrowers are faking it, and are really investors who want to get a better rate? You can tell with some certainty if the dining room table you are signing at is in a different address from the address of the property in question!
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Do the borrowers really intend to live there?
