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#2237271 - 05/27/20 06:31 PM 1098 - Changing Payer of Record Mid-Loan
MBTCompliance Offline
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Joined: Apr 2015
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We have a husband and wife on a mortgage who are now divorced. The husband has been the payer of record because he is the first-listed name on the loan and that's who our system automatically designates. Before we change the payer of record from one to the other mid-loan, we would require a joint authorization from them, but we need to know if there are any consequences to our Bank for changing the payer of record mid-loan?

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#2237280 - 05/27/20 08:29 PM Re: 1098 - Changing Payer of Record Mid-Loan MBTCompliance
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,591
Galveston, TX
You are under no obligation to change the payor of record. Let them fight the deduction out between them.
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#2237284 - 05/27/20 08:44 PM Re: 1098 - Changing Payer of Record Mid-Loan MBTCompliance
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,963
TN
Curious - are you releasing the husband without refinancing the loan?
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#2237641 - 06/05/20 04:36 PM Re: 1098 - Changing Payer of Record Mid-Loan MBTCompliance
MBTCompliance Offline
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Joined: Apr 2015
Posts: 337
No, we are not releasing.

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#2237647 - 06/05/20 05:24 PM Re: 1098 - Changing Payer of Record Mid-Loan MBTCompliance
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,963
TN
Then what is prompting this change? I would suggest you take Randy's recommendation.
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