Question 1

I am doing a refinance and there is no Right to Cancel in the package?

Accepted Answer

If the property is an investment property or purchase, money loan the customer does not have the right to cancel.

Question 2

Both spouses are not on all of the documents...is this correct?

Accepted Answer

If only one spouse is signing the Note and the Loan Residential Application, then yes this is correct.  But when in doubt always call the hiring company.

Question 3

What do I do if the names are spelled incorrectly on the documents?

Accepted Answer

Usually striking through the incorrect spelling and having the customer correct and initial it is acceptable. (However, you should always call your contact person to verify.)

Question 4

The date on documents is not the same as the signing date...what do I do?

Accepted Answer

Strike through the date and have the customer initial and place the correct date on the documents.  OR Call the lender. Some documents are not date sensitive and only the Right to Cancel would need to be changed. Keep in mind always call the Lender when in doubt.  Better yet always call the Lender to get authorization to change anything on the documents.

Question 5

The documents have two parties names on them, but only one party is present what should I do?"

Accepted Answer

Call the lender. If they tell you to go ahead and close with the party that is present, make sure you strike through the party’s name that is not present in the notary section of the document only and note your journal.