Not sure if anyone can give an opinion regarding this: Situation son and wife apply for residential real estate loan but they don't qualify so additional applicants added and the additional applicants will not occupy the residence. They all sign the Consumer Note but the additional applicants are not listed on the mortgage or title policy. I am thinking the additional applicants don't need to be on the title policy but not sure about the mortgage.

Thanks.

We do these quite often in our shop. Additional borrowers are sometimes added to strengthen the repayment of the loan in cases of poor credit or no credit history but there is no requirement that they have to also grant the collateral. In your case, the co-borrowers would not need to go on the mortgage unless you have a bank policy/investor requirement.

Thanks crcmnot.

Why would there ever be a need to have borrowers sign a document pledging property they neither own nor to which they have contingent legal rights (dower, curtesy, statutory share, etc.)?

In my shop, we never would require this. Who knows, for some strange reason another FI/Investor may.