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#1067808 - 10/21/08 03:18 PM Married/Single/Sole and Separate
Dollye7 Offline
Gold Star
Dollye7
Joined: Jun 2006
Posts: 255
Southwest USA
Our married couple customers want to do a home improvement loan. Only Mr. is on the deed. Does Mrs. sign the mortgage and receive disclosures also?

Thanks!

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#1083425 - 11/18/08 05:30 PM Re: Married/Single/Sole and Separate Dollye7
Geoz Offline
100 Club
Joined: Apr 2003
Posts: 148
Colorado
If a co-applicantis applying for credit but is not a titled owner of the property securing the loan, this co-app would sign the promissory note but not the deed of trust or mortgage instrument. As a joint applicant she should receive disclosures; the fact she doesn't have any ownership has no bearing. The only exception might be the Right of Rescission. Under Reg. Z you are not technically required to give this co-applicant an opportunity to rescind since she has no legal ownership in the primary dwelling.

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