Individual to sign top of 1003?

By
Real Estate Agent with Keller Williams Realty BRE#01962662

On the first page of the 1003, there is a spot for the borrowers to sign if they are applying for joint credit.  Many companies do not want an individual borrower signing there unless there is also a co-borrower.  Recently I've been told that more and more lenders do want the borrower(s) to sign there regardless.  Has anyone else been confused by this?

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Rainer
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Ardel Richter
Arkansas Notary on Wheels - Mountain Home, AR

I'm not confused; they are.  But 'they' are the hiring entity so I do it their way.  When in doubt as to what 'their way' is for a single borrower, I simply do it both ways and they can pick whichever floats their boat and toss the other.

Dec 28, 2008 12:38 PM #1
Rainer
41,492
Joan Bergstrom
Joan Bergstrom Mobile Notary - Riverside, CA
Mobile Notary, Riverside CA

I have the single borrower sign, even though it is clearly for joint credit.  I like Ardel's answer because this would solve the problem nicely.

Dec 28, 2008 01:08 PM #2
Rainer
6,047
Elizabeth Foust
Keller Williams Realty - Santa Rosa, CA

Thank you Ardel and Joan.  I hadn't thought of just printing two copies.  It sounds like a good solution.  If I don't know a companies preference I usually just have a single borrower sign as Joan does, however, I recently read a notary blog regarding this, and their solution was to have a single borrower sign and then write N/A on the co-borrower line.  That should work too!

Thanks for your help.

Dec 31, 2008 05:39 AM #3
Rainer
8,357
Margaret O'Daniel
NM Notary Loan Signing Agent - Albuquerque, NM

Always have the borrowers sign the top of the 1003.  That way it is clear who is applying for the loan.  and always listen to your clients needs.  Very important for repeat business.

Jan 01, 2009 05:18 PM #4
Rainer
41,492
Joan Bergstrom
Joan Bergstrom Mobile Notary - Riverside, CA
Mobile Notary, Riverside CA

The problem is with the  "one" borrower: the top of the 1003 clearly says it for "joint credit."

Adele, in my opinion, has the absolute right answer, print 2 copies. Have the 1 borrower sign one and send back the other unsigned.

This problem has been going on since 2005 when it started and none of the comanies agree on handling (1) borrower on 1003 application. 

 2 borrowers are a no brainer.

 

Jan 01, 2009 05:56 PM #5
Rainer
136,569
Terry Lynch
LAR Notary and Closing Services - Saint Clair Shores, MI

I have always thought it is better to oversign than to miss a signature.

Feb 26, 2009 01:07 PM #6
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Elizabeth Foust

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