You may enter up to eight persons on each loan, and denote which are Borrowers and which are Non-Borrowers. The forms package for the loan must be programmed for eight signatures and Non-Borrowers for this feature to function, otherwise only the first four names will appear.
Repeat these steps as necessary for additional borrowers.
Borrower Type
Select the Borrower Type from the pull-down menu.
Non-Borrowing Spouse
Check this box if the spouse of the Borrower is Non-Borrowing. If the spouse is Non-Borrowing, their name will only appear on the following documents:
- FNMA/FHLMC Deed or Mortgage
- FNMA/FHLMC Riders
- Truth In Lending
- FHMA/FHLMC Notice of Right of Rescission, if applicable
- FHMA/FHLMC ARM Disclosure, if applicable
Borrower Name
Input the borrower's first name and middle initial in the field marked "First Name and Middle Initial." Next, input that borrower's last name in the "Last Name" field.
Social Security Number
Input the borrower's Social Security Number in the "Social Security" field. To input the Taxpayer ID in lieu of the Social Security Number, check the Tax ID box and input the Taxpayer ID in the "Social Security" field.
Date of Birth
Input the borrower's month, day, and year of birth in the "Date of Birth" field.
Phone (Borrower 1 only)
Input the borrower's phone number in the "Phone" field.
E-mail (Borrower 1 only)
Input the borrower's e-mail address in the "E-mail" field.
Borrower AKAs (also known as)
In order to input Borrower AKAs (names the borrower is Also Known As), click on the "Edit AKAs" button. You will see a popup window as below. The first AKA field will already contain the borrower's name as it is listed above. You may input up to five additional AKAs for each borrower. Input the five most commonly used names by which this borrower is, or may also be, known. You may include nicknames, middle names, and married or maiden names. Click the "Done" button when you have entered all the Borrower AKAs.
Marital Status
Select the appropriate relationship from the pull-down menu. Select a relationship even if there is only one borrower. This information should be included in the Borrower Vesting at the bottom of the page.
Mailing Address
Input the borrower's mailing address in the appropriate fields. The mailing state should be input as the state's two-letter code. The mailing zip code is generally five-digits long, but it may be nine digits in some locations.
If the property is a second home or investment property, the mailing address will generally be different than the property address. For some loans, this address may be a P.O. Box or a rural route.
Borrower Vesting
Use this section to type the entire vesting of all borrowers as it should appear on security instruments and other documents. Use the names and relationships input above and any additional vesting information. (ex., "JOHN SAMPLE AND JANE SAMPLE, HUSBAND AND WIFE, AS JOINTS TENANTS WITH RIGHTS OF SURVIVORSHIP")
|
