Tag: borrower signature

When Must the Borrower Sign the Flood Determination Disclosure?

Question: We obtain Flood Determination Reports from a vendor.  Once we are notified that a property is in a flood zone, how soon should the form be signed?  Can it be signed at time of closing? Answer: Please see the reference from the FDIC below. Reference: FDIC PDF Pages 9 & 10https://www.fdic.gov/regulations/compliance/manual/5/v-6.1.pdf Notice of Special […]

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Compliance – Borrower Signature on Loan Application – Is the borrower required to sign the initial loan application or other disclosures in the initial loan application package?

Answer:  There is no specific federal regulation that requires the initial 1003 to be signed, but there may be state-specific requirements that Mortgage Currentcy does not monitor.  There also may be specific lender requirements from different wholesale or correspondent lenders; you should check with each of them on what their own specific requirements may be. […]

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