The Borrower task includes the borrower’s information, Trust Deed/Mortgage information and Custom Signatures section.
Borrower
The fields First Name, Middle Initial, Last Name, Generation (if applicable), will automatically populate form the Forms & Docs > 1003 screen. All of these fields are editable.
The Description drop-down list is completed by typing the beginning letters of the description and selecting from the prepopulated rolodex. This must be selected for the mortgage vesting name(s) to appear on the first page of the mortgage note in the closing package.
The Attorney/Trustee Information field allows users to enter in information based on the document provider:
For DocMagic Users: Power of Attorney information, if applicable.
For DocuPrep and IDS Users: Attorney/Trustee information, if applicable.
Users have the ability to add up to two Title Only Co-Borrowers, if applicable. This is done by clicking the link “Add Title Only Co-Borrower +” located within the blue ribbon of the Borrower section.
Users have the ability to delete a Title Only Co-Borrower, if applicable. This is done by clicking the link Delete This Title Only Co-Borrower located within the grey ribbon of the Borrower section.
Users have the ability to enter in up to eight A. K. A. (Also Known As) for a borrower on the loan file. To add an A.K.A click the blue Add Alias + button on the bottom right of the borrower information section.
Trust Deed/Mortgage vesting is different than borrower names/description
This section allows users to view and edit the Trust Deed/Mortgage Vesting Name and Description. If closing in a LLC or Trust, this section will allow users to add the applicable closing information.
To edit the Vesting Name and Information, users will click the check box Trust Deed/Mortgage vesting is different than borrower names/description. Once the check box is marked, a field with the borrowers name and description will open below. This field is editable.
To add a LLC or Trust, mark the box next to Custom Signatures. Once marked, the section will expand.
The Entity Vesting Label drop-down list will allow users to select LLC, Trust or Both.
The Corporate/Trust Name field allows users to enter the Corporation name and/or the Trust Name.
The Date of Trust Agreement field allows users to enter in the actual Date of Trust Agreement or choose the date by click the calendar icon, if applicable.
The Trust Identification No. field allows users to enter in a Trust ID Number, if applicable.
To include all of the borrowers on the loan application as the Current Trustees in this submission, mark the check box Include all borrowers as current trustees in submission.
Users have the ability to enter up to four additional Entity Vesting Labels for loan files closing in a trust or corporation. To do so, users will click the “Add Trustee +” link. Users will be able to add the Current Trustees Name, choose from an as drop-down list for the entered Current Trustee as: as trustee of, individually and as trustee of, Trustee or Trustee of. Users will then choose an option from the under drop-down list as: under Revocable Trust Agreement, under Security Instrument or under Trust Instrument.
The Signature 1-Signature 4 fields allow users to enter Power of Attorney information, if applicable. If a Power of Attorney is entered in on any of the Signature fields, then an option from the Entity Vesting Label drop-down list must be selected.
To remove sections, select the black x to the right hand of the screen.