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#2157574 - 12/18/17 07:39 PM Non-borrowering-non title spouse - sign CD?
City Girl Offline
100 Club
Joined: Sep 2005
Posts: 159
Midwest
Does a non borrower-non titled spouse required to receive and sign the CD? The property is non rescindable because it is investment property. Do the Homestead rules apply?

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#2157606 - 12/18/17 09:31 PM Re: Non-borrowering-non title spouse - sign CD? City Girl
DoS Offline
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DoS
Joined: Apr 2012
Posts: 264
one state over
There are no requirements to have the CD signed. if it's an investment property are you sure it's subject to TILA?
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#2157655 - 12/19/17 12:28 PM Re: Non-borrowering-non title spouse - sign CD? City Girl
Adam Witmer Offline
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Joined: Sep 2010
Posts: 2,661
I agree with DoS as the CD is never required to be signed - it is just a matter of your policy.

TRID does not require the disclosure of a CD to a non-borrower/non-titled spouse, but your state law might.
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Adam Witmer, CRCM

All statements are my opinion, not those of my employer, and should not be taken as legal advice.
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#2157664 - 12/19/17 01:46 PM Re: Non-borrowering-non title spouse - sign CD? City Girl
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
City Girl already acknowledged that rescission does not apply under TILA and this is posted in the MN State forum, so the question is already about State law. Give the girl a break smile

If this property is owned by one spouse and is not their homestead, then it does not appear that the other spouse needs to be involved in the transaction at all.

https://www.revisor.mn.gov/statutes/?id=507.02
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#2157665 - 12/19/17 01:53 PM Re: Non-borrowering-non title spouse - sign CD? rlcarey
Adam Witmer Offline
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Joined: Sep 2010
Posts: 2,661
Thanks, Randy. I missed that this was in a state forum. smile
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Adam Witmer, CRCM

All statements are my opinion, not those of my employer, and should not be taken as legal advice.
www.compliancecohort.com

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