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#530675 - 04/12/06 01:27 PM signatures on disclosures?
JamesM Offline
New Poster
Joined: Sep 2004
Posts: 7
Do the Borrowers Bill of Rights and Consumer Caution and Home Ownership Counseling Notice require signatures of the applicant/borrowers in the event a loan is booked? Sec. 445.1636 and .1637 merely call for providing them at application.

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#530676 - 04/12/06 02:44 PM Re: signatures on disclosures?
Bartman Offline
Diamond Poster
Bartman
Joined: Oct 2000
Posts: 1,191
Springfield
No signature required - however, the burden of proof is on you if the state brings legal action. (Note that there is no authority for a private cause of action.) At least one group of Michigan attorneys suggests that a customer signature is a good idea.

Our procedure has these documents included in a 'welcome letter' under the section "documents for you to review and keep" - this goes out to the customer upon underwriting approval, along with a host of other disclosures.
_________________________
Opinions are Bartman's, not those of my employer. "A noble spirit embiggens the smallest man."

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