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notarydi
Missouri
10 Posts |
 Posted - 03/02/2007 : 06:48:04 AM
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Thanks - yes! Makes perfect sense. I appreciate your help so much!
Diane |
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Lee-AR
Arkansas
678 Posts |
Posted - 03/01/2007 : 12:29:20 PM
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You are right, Renee. Made sense to me as I typed it, but a day later... what the heck did I say there?
I'll take another shot at this. If there is a non-obligated spouse, said NObS should NOT sign at the top or initial,sign at all. Note that their name & info will NOT be listed on the 1003. The remaining OR a single 'borrower' may or may not sign, depending upon how the Lender views this. THAT is when I make 2 copies of 1st page & have the ONE (remaining or single)person sign one copy & leave the 2nd copy unsigned at the top of 1st page only. Lender can pick whichever one floats their boat.
Was that any better?
There seems to be as many opinions on 'correct' as there are Lenders. |
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notarydi
Missouri
10 Posts |
Posted - 03/01/2007 : 04:28:59 AM
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What if you have a single (unmarried) borrower? Do they need to sign that top line?
Diane |
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Renee
Michigan
549 Posts |
Posted - 02/28/2007 : 8:38:18 PM
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Great advice, Lee, but the way you've worded your response might be a little unclear. For clarity - the Non-Obligated spouses shouldn't sign OR put initials on a 1003.
The 1003 is a Federally required document, and represents "This person" or "These persons" have applied for credit. Having represented that you've applied for credit kicks OTHER Fed and State mandates - for example, if your name is on a 1003, then you must also by law receive a prelim GFE, you must sign a "borrower's authorization", blah blah blah. It's the initial act that kicks in other acts.
Since a Non-obligated spouse did NOT apply for credit, they wouldn't have received any of the rest of the stuff the law requires. The first hard-copy document looked at to verify that they did NOT apply for credit is the 1003 - so if someone looks at that 1003, and there's the N/O spouse's signature - you have a non-compliant loan pkg. 
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Lee-AR
Arkansas
678 Posts |
Posted - 02/28/2007 : 12:29:22 PM
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| There is no universally lender-accepted right answer. They all seem to have their own take on it. I've gotten to where I make 2 copies of that page (when edocs) & do it both ways for a single B w/non-ob. spouse. Yes, that's crazy, but so are they and it's easier than a 2nd trip or even having a hassle about a trip fee. |
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notarydi
Missouri
10 Posts |
Posted - 02/28/2007 : 11:37:00 AM
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I have had mixed instructions on the new 1003 loan app form - some tell us to have all borrowers sign the top of the first page, but some say only if it is joint credit. The form actually says that if they are applying for joint credit, both borrowers should sign there. Anyone have a rule of thumb?
Diane |
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