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#1596425 - 08/25/11 03:18 PM Borrower initals on mortgage
BankerChic24 Offline
Junior Member
Joined: Jul 2011
Posts: 45
Midwest
We have our customers initial every page of a mortgage in addition to signing on the signature page. Is there a regulatory requirement to do this? We are only requiring it right now for consumer, not commerical. I am wondering if this should be done for all loan types.
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#1596907 - 08/26/11 01:19 PM Re: Borrower initals on mortgage BankerChic24
Oursisnottoreasonwhy Offline
Platinum Poster
Oursisnottoreasonwhy
Joined: Nov 2004
Posts: 503
Central Illinois
No regulatory requirement that I am aware of. More just CYA, if the customer initialed it it basically means they acknowledged reading it and agreeing to the terms. So they can't come back later and say I didn't know that was part of the agreement.

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