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Irene
Washington
8 Posts |
 Posted - 12/23/2011 : 10:54:44 PM
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This was an ongoing issue for me (and was even stonewalled by a borrower when I tried to get him to sign as imprinted) until an Escrow Officer from a title company in Hawaii emailed to inform me there was a document which dealt with the fact that if someone had a specific signature they use, then it's all right for them to sign that way. (unfortunately, I don't remember what the document was, but I do believe it was from the Federal level.) In instances like this I include a copy of the borrower's driver's license or passport showing that signature. I've never had anyone complain.
quote:
Originally posted by 16664
Can anyone point to a federal or state statue, law or regulation that requires borrower's to sign exactly as his/her name appears? Is this just a requirement of the lender?
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Renee
Michigan
549 Posts |
Posted - 11/21/2011 : 03:35:09 AM
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The short answer is no, Elizabeth - not that I have ever found myself, nor seen anyone else cite. Since your question was about signatures and not the printed name, I'll keep my answer specific to that.
In the past, I was a closer/funder for a wholesale lender. Part of my job was to ensure each loan closed w/in the parameters of the law (Fed, State & any local law that applied), the requirements of my employer (HSBC) and the investors on the Secondary Market (n/k/a 'Wall Street').
There are many points w/in a mtg loan governed by laws - APR limits, certain fees disallowed in certain states, the particulars of each state with regard to non-borrowing title-holders and/or spouses, this/that disclosure specific to state laws, etc.
Signatures - no laws. The only 'master' to serve on this was the market. Our SOP was primarily for reasonable consistency (from one signature to the next, throughout), and of second importance was the conditional requirement for the signature to match the name variant used on/in the document. This is a rule that is always conditional - it only kicks in IF the signature is legible/readable.
This condition alone might be the biggest indicator that there is no law written regarding which letters in a person's name must be included in their hand-written signature. If there WERE such a law, it would have to include the condition of the law only applying to legible/readable signatures - and that just wouldn't make any kind of sense or logic at all.
The need for consistency begins with the "Signature Affidavit", where a borrower provides their base-line sample of how they execute their signature. This is THEIR statement saying (in essence) 'here is my signature, to which you can compare all the rest of my signatures'.
So, if that signature then changes to something that looks/reads entirely different - it IMPLIES (due to that Signature Aff) that it does NOT represent their own signature, and we would have any doc with a different signature re-signed, to be consistent with what was on the Signature Aff.
Also consider - if a law existed specific to how a person executes their signature, that law would have to somehow incorporate those rogue lenders who absolutely demand 'legible' signatures of their choice of variant, regardless of the signer's preferred 'mark'.
But I digress - to answer the question, no - not to my knowledge does there exist a law in any state specific to your question.
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edelske
New York
815 Posts |
Posted - 11/20/2011 : 5:23:13 PM
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And if you are a "by the book" notary, as I certainly am; that "Marie" needs to be proven by ID. That's often a problem. When I confirm with the borrower (after viewing the docs) I ask what is the name on your ID. New York State's requirement is "adequate proof" and the specifics are left to the notary. For me, if the "Marie" is not on her driver's license, but IS on some other ID - it's probably a go.
However, it's a notary "judgement call" in New York State. If I feel she has "adequate proof" we proceed, if not - we have a problem.
It relates to the fundamental purpose of notarization. In this case it's to protect Jane Marie Doe from impersonation. And, as previously mentioned, "shorter" versions are IMHO not the right signer.
I often get people who say "I never sign my name that way". I tell them it's required for processing to proceed smoothly. They really have two choices. Sign in an illegible scrawl (and tell me that you signed as printed "under the line" OR sign legibly above the line - what is preprinted "under the line".
It's a good idea to ask them to sign the copy of their driver's license (almost never required) to get a sample of how they will sign.
Kenneth A Edelstein
Mobile Notary, Apostille / Legalization Processing & Fingerprinting
http://www.kenneth-a-edelstein.com |
Edited by - edelske on 11/20/2011 5:34:10 PM |
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LindaH
Florida
1754 Posts |
Posted - 11/20/2011 : 2:25:28 PM
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You'd have to check your own state laws as I'd guess that's something that's state-specific
But consider this - the name on the docs is derived from how the owner(s) took title at the time of vesting. So if Jane took title as Jane Marie Doe, the docs will be drawn with that name, requiring "the owner of the property" to sign...stands to reason Jane Doe, or Jane M. Doe, or J Doe are not the owners....Jane Marie Dow is the owner and should be the one signing, and signing her name "as it appears" on the docs, on title, etc etc.
Linda
http://www.columbiacountynotary.webs.com |
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16664
Louisiana
18 Posts |
Posted - 11/20/2011 : 12:41:34 PM
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| Can anyone point to a federal or state statue, law or regulation that requires borrower's to sign exactly as his/her name appears? Is this just a requirement of the lender? |
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Borrower's signing as name appears
