I have a Fannie Mae 1003 application. Both borrowers signed and dated the application on the last page. However, the joint intent information on the top of the first page is completely blank. Is their signature on the last page enough to evidence joint credit? The Reg is confusing because it states that the method used to establish joint intent must be distinct from the means used by individuals to affirm the accuracy of the information. Any help is appreciated. Thanks!!
Have them sign the JI portion of the application, also. If that's not possible, document the file with how you know it really is joint intent (I don't believe applicants' sigs are actually required to establish JI).
TB 12
Power Poster
Joined: Feb 2005
Posts: 6,559
Foxboro
Even though, IMHO, the need is ridiculous, they do have to sign the top of page 1 of the 1003 as well as the last page. That change was made specifically for evidencing joint intent.
_________________________
Best QB Ever. Worst Defense Ever.
Thanks for the help. I was pretty sure that a signature was required next to the joint intent information. I just wish the Loan Officers would actually make sure this was done!
Quote: Even though, IMHO, the need is ridiculous, they do have to sign the top of page 1 of the 1003 as well as the last page. That change was made specifically for evidencing joint intent.
Actually, FNMA changed the form because they were tired of fighting with incompetent examiners. It is NOT required if the application is signed or other evidence of intent is recieved. However, some examiners wouldn't give up and conservative compliance people were asking for the boxes, so FNMA gave in.
Nessa Feddis from the ABA had a letter, signed by all 5 regulatory agencies, that said a signed application is sufficient documentation. Think about it: if you and I sign an application and our names are under the headings "borrower" and "co-borrower" what else do you suppose we intend with our signatures? We want to borrower money! Do you need more evidence of our intentions?
Quote: Think about it: if you and I sign an application and our names are under the headings "borrower" and "co-borrower" what else do you suppose we intend with our signatures? We want to borrower money! Do you need more evidence of our intentions?
What else? .....DNA evidence!!!!!!
_________________________
CRCM,CAMS Regulations are a poor substitute for ethics. Just sayin'
Previous Thread
Index