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 Help! Notarizing E&O/Compliance Agreement
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Lee-AR

Arkansas
660 Posts

Posted - 05/23/2010 :  12:32:54 AM  Show Profile  Reply with Quote
Just addressing the statement that OP made about 'the LO didn't know'.
LOs are great people. Without them, we wouldn't be in business.
BUT they are NOT the Title Company and, in most cases, don't really speak for the Lender either. While there are many LOs who know the ropes, most don't. For your own sake, don't take their advice. Get it from whoever hired you.

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crtowles

California
553 Posts

Posted - 05/22/2010 :  11:09:13 AM  Show Profile  Reply with Quote
Since you were unable to reach anyone knowledgeable to answer your question and the notarial section contained both names it would be appropriate for both to sign and to notarize their signatures regardless of who's name was in the body of the document. I try not to make judgements on what they want or don't want. It is better to get the signature and notarize them than not and have to go back.

Carmen
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PWinFL

Florida
469 Posts

Posted - 05/01/2010 :  05:57:53 AM  Show Profile  Visit PWinFL's Homepage  Reply with Quote
Since E&O/CompAgrmnt documents are internal documents, I doubt if there would be any issue having the NOBS sign it. Now, if both parties were obligated, and only one signed the document, that would probably be an issue that would need to be resolved. Or if the document was a recorded public document, such as the DOT/Mortgage, and an extraneous party signed it, that too would probably be an issue. I'd bet dollars to donuts that you will never hear anything about it, one way or the other.


Never drive any faster than your guardian angel can fly.

I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.


Visit us online at http://www.PAWnotary.com
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NewLearner

California
10 Posts

Posted - 04/30/2010 :  8:08:24 PM  Show Profile  Reply with Quote
I see. I wasn't aware of the difference of NOBS/OBS between the lender doc and the title doc. Thank you for pointing that out. On the top of the page, it shows the lender addressing the borrower.
Anyway, I have them both signed the form.

Side note: The lender U/W never returned my email and the loan officer couldn't answer that question!

Thank you much,

quote:
Originally posted by PWinFL
E&O/Compliance agreements are commonly used by both lenders and title companies to allow them to respectively correct their own documents. That is why I asked if the document was a lender doc or title doc and whether or not the spouse was a NOBS (Non-Obligated Signer). If the spouse is a NOBS, then typically their name would not appear on the lender's E&O/CompAgmnt. But the spouse is on title so the title company often wants ALL owners to sign their documents, thus the NOBS would need to sign the title company's E&O/CompAgmnt.

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PWinFL

Florida
469 Posts

Posted - 04/30/2010 :  07:17:46 AM  Show Profile  Visit PWinFL's Homepage  Reply with Quote
quote:
Originally posted by NewLearner

I am kind of confused. This seems to be awkward because the couple's title vesting right and responsibility as J.T. versus the responsibility of the borrower.


E&O/Compliance agreements are commonly used by both lenders and title companies to allow them to respectively correct their own documents. That is why I asked if the document was a lender doc or title doc and whether or not the spouse was a NOBS (Non-Obligated Signer). If the spouse is a NOBS, then typically their name would not appear on the lender's E&O/CompAgmnt. But the spouse is on title so the title company often wants ALL owners to sign their documents, thus the NOBS would need to sign the title company's E&O/CompAgmnt.

Of course, the only correct answer would be from the title agent and/or loan officer.

The instructions that an E&O/CompAgrmnt is to "adjust for clerical errors on any or all of the loan closing documentation if deem necessary to enable to lender to sell, convey, seek guaranty or market the loan to any entity." is only partially correct. It is true for the LENDER. But the title company may also have a similar version with their documents for the same purpose. This means that there may be more than one E&O/CompAgrmnt, for the same purpose but different entities.


Never drive any faster than your guardian angel can fly.

I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.


Visit us online at http://www.PAWnotary.com
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NewLearner

California
10 Posts

Posted - 04/29/2010 :  8:16:39 PM  Show Profile  Reply with Quote
Hi Lisa and PWinFL,

Thank you both for the tips. Prior to Linda's message, I did what PWinFL suggested. I emailed the lender for the advice on this one. To make the matter clear, there is only one person, the husband, who applied for the refi. However, the title is vested as H&B as Joint Tenants.

I read in a Loan Signing manual (from the class i took) on the E&O/C.A. topic, it said that the purpose of this document is to give the lender the right ("with signatures of the borrowers") to "adjust for clerical errors on any or all of the loan closing documentation if deem necessary to enable to lender to sell, convey, seek guaranty or market the loan to any entity."

If this meant to be for the borrower, then the wife's name should be left out in the notarial wording section since she is not the one who applied for the loan. Am I right?

I am kind of confused. This seems to be awkward because the couple's title vesting right and responsibility as J.T. versus the responsibility of the borrower.
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Lisa T.

California
391 Posts

Posted - 04/29/2010 :  6:03:09 PM  Show Profile  Visit Lisa T.'s Homepage  Reply with Quote
Whenever you have questions, your confirmation email should have a contact person you can call to get questions answered. Each loan signing is different and companies have their own way of doing things. One company will allow you to make corrections on documents and have borrowers initial, other companies do not want the docs corrected or marked in any way. It is always best to contact the Title company to ask how they want something handled.

If it's after hours and the title company is closed and you don't have a notary mentor to call and no one on your contact list is answering their phone, here's a tip: What some notaries do when they are unsure is to make a photocopy of the unsigned form and complete it two ways: one is just to have the husband's signature and notarize only his signature, crossing out the wife's name in the notarial wording....AND....on the other copy, have both husband and wife sign and notarize both of their signatures. The title company will pick the one they want and shred the other. I would only do that if I have no other way of contacting someone at the title company, the loan officer or lender.

In my experience, I would see both names in the notarial wording as a clue that both husband and wife are to sign and both signatures should be notarized. E & O/Compliance Agreement is typically a form that gets signed by both and both signatures are notarized. But I can only say this as I've seen enough loans to know this. But as I said, the contact person on your email confirmation should be the one to clarify this for you.

It is better to call and ask questions than to not call and not complete the loan signing properly.



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PWinFL

Florida
469 Posts

Posted - 04/29/2010 :  5:45:40 PM  Show Profile  Visit PWinFL's Homepage  Reply with Quote
If both husband and wife have been signing the other docs, and the pre-printed certificate has both names, then I submit that both should sign and both signatures notarized. Especially if the document is a title doc (included with other title docs). If the doc is a lender doc and only the husband has been signing them, except for the "spousal docs", then I submit that only the husband would need to sign the agreement, and your notary certificate would need to reflect the signer by crossing out (and initialing) the non-signing spouse.

Of course, the proper way to find out is to ask the lender or title company who should sign the document. Then you would ensure the notary certificate only reflected the actual signers.


Never drive any faster than your guardian angel can fly.

I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.


Visit us online at http://www.PAWnotary.com
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NewLearner

California
10 Posts

Posted - 04/29/2010 :  5:06:11 PM  Show Profile  Reply with Quote
Dear all,

I just received an assignment for a Refi loan doc. In this set, the E & O/Compliance Agreement document has addressed only one borrower name (namely the husband) at the beginning of the document, but in the notarial wording section underneath, it includes both the husband and the wife names. Since the document addresses only to one borrower, do I have to notarize both H&W on the same document?

If not, should I have only a loose leaf of a notarial attachment with a husband name only?

If I have to notarize both H&W as the lender indicated, then I must have the wife recorded on my notarial journal, right?

I appreciated very much if someone could help answer this one for me.

Regards,
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