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 Borrower on TITLE but not on Loan
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60 Posts

Posted - 09/30/2008 :  07:14:14 AM  Show Profile  Reply with Quote
It is imperative to ask the hiring entity or title company which documents they want a non-borrowing signer to sign. Different states are different. Generally, it seems the Deed of Trust or Mortgage (again depending on the state you are in as to which is used), the Truth in Lending Statement, if there is an Itemization of Amount Financed, Right to Cancel (each signer is to receive two copies of the RTC so be sure to make enough copies), and many times I find they have a non-borrower also sign certain title affidavits agreeing their are no liens, encumbrances, etc against the property.

I am finding that several of my Independent Contractor Agreements are requiring that I am familiar with TILA, RESPA and GLBA guidelines so knowing what to ask, when to ask, what basic documents should be in a package etc is paramount. If you do not have a clue about these Acts then I would encourage you to take a class.

Linda Kassis
United Notary Association (UNAA)

If you are not riding the wave of change, you may find yourself under it. Ride the wave with the UNAA.
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553 Posts

Posted - 09/29/2008 :  3:13:13 PM  Show Profile  Reply with Quote
Typically it would be the DOT, TIL, RTC, Settlement Statement, However you need to ask who hired you. As stated below it is going to e state specific.


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89 Posts

Posted - 09/22/2008 :  10:43:08 AM  Show Profile  Visit azdocsign's Homepage  Reply with Quote

I have made it my policy that when I see the vesting on the Deed of Trust state ____________________ a married person as their sole and spearate property to check to see if any signature lines for their spouse are in the documents. If there are signature lines, I make sure the borrower is aware that their spouse is presnt for the closing. Many times this step has been inadvertently overlooked and the borrower is not aware.

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135 Posts

Posted - 09/22/2008 :  05:57:15 AM  Show Profile  Visit BobbiCT's Homepage  Reply with Quote
"How can a BORROWER not be a loan docs.?"

The "collateral" documents are signed by non-borrowers. The person signing the mortgage deed is NOT borrowing any money; that person is pledging his/her real property as security for the loan being given to someone else. Very common in commercial transactions or for young people starting out or one spouse/co-owner has a bad credit score.

For example: Son Jones is starting a new business and wants $250,000 in start up capital. Big Bucks bank will give him a $250,000 loan providing he gives them security in the event he defaults (can't pay the loan back). Ma & Pa Jones provide their home as collateral for the loan; they do not get one cent of the money. Son Jones business does well, loan paid off, sun is shining. Son Jones business fails; Big Bucks bank tells Ma & Pa Jones pay up on your son's outstanding debt or we foreclose on your home.

Another example: Wife of Son Jones owns a $300,000 home; they file separate tax returns; Wife has a 200 credit score (maxed out 35 credit cards and not paying her bills and has past collections on her credit report). Big Bucks will loan Son Jones money, but NOT with Wife on loan documents ... doesn't qualify with all that debt and they do not want anything in their loan file to indicate wife with history of non-payment is part of the deal. Wife just signs mortgage documents to pledge real estate as collateral for debt. Of course, Big Bucks bank can't stop Son Jones from giving $$$ to wife after he gets it.

Been done this way since credit reports were first born.

Bobbi in CT
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New Jersey
139 Posts

Posted - 09/22/2008 :  05:42:03 AM  Show Profile  Visit jlissem's Homepage  Reply with Quote
How can a BORROWER not be a loan docs.?

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5 Posts

Posted - 09/21/2008 :  8:42:03 PM  Show Profile  Visit auddie's Homepage  Reply with Quote
Thank you for the response. I didn't know that the font size was so large. The system won't let me edit it or I would change that. I get a VB script run time error.
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1754 Posts

Posted - 09/21/2008 :  8:21:11 PM  Show Profile  Reply with Quote
This information is state-specific - each state has different spousal requirements/guidelines...

Go read your material and good luck on your test....oh..and please fix your fonts to something a tad smaller...thanks...:)

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5 Posts

Posted - 09/21/2008 :  6:52:35 PM  Show Profile  Visit auddie's Homepage  Reply with Quote
[font=Times New Roman]What loan documents must be executed by a borrower who is in TITLE but not on the loan documents?
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