At this time if there is a co-borrower that is not listed on title but is borrowing funds, we have to open the title commitment in word, add it into the section where it talks about the mortgage to verify there is a co-borrower and save it that way. The challenge is that it is not listed in the system which can cause issues if additional correction are made to the file in the future and someone is unaware the change was made and it gets missed. Sometimes employees are out and another one will pick up a file and help to get corrections made and this is an easy miss but would impact our borrowers greatly.
It is useful to avoid errors. It would benefit the title company, borrowers, attorneys and post closing who would have to correct and fix issues related to this.
It looks like the co-borrower verbiage needed does not pull over ..
���Mortgage given by |to f |, must be properly executed and recorded. (It is our understanding that | will join in the loan transaction as a co���borrower.)���
Tricia Varney
Androscoggin Title Company
500 Canal Street
Lewiston, ME 04240
Direct: 207.755.9778
Fax: 207.784.4361
tvarney@androtitle.com
Hi - if you check the box "financially liable" only on the co-borrower screen and uncheck taking title the co-borrower should populate correctly. If this is not working correctly for you please reach out to our support team.