Author Topic: Loandepot asking me to sign new note  (Read 313 times)

0 Members and 1 Guest are viewing this topic.

Offline Irvinehomeseeker

  • Yearning for 949 / 714
  • **
  • Thanks
  • -Given: 68
  • -Received: 43
  • Posts: 425
Loandepot asking me to sign new note
« on: July 01, 2021, 11:07:30 PM »
I got a letter from loandepot asking me to sign a replacement mortgage note - from their compliance dept. Anything I need to be wary off with this request or is it just a compliance thing? Appreciate thoughts.

A brief from their email to me:
Requesting your help in signing a new mortgage note as the original was shipped to our warehouse bank and they have misplaced the document  and have asked to have a new note signed






Offline Soylent Green Is People

  • Abiding Dude. Housing focused NMLS Licensed
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 1035
  • -Received: 1215
  • Posts: 2597
  • Gender: Male
  • Isaiah 58: 6-11
Re: Loandepot asking me to sign new note
« Reply #1 on: July 02, 2021, 08:09:46 AM »
This is not an uncommon request. Borrowers (with any company - not just LD....) at the closing of a purchase or a refinance sign a catch all letter saying that you will help cure any defects in the application and closing documents. It has to be done per a borrowers prior consent and agreement to do so.

In your closing package you'll have a copy of your Note. Once you get the replacement Note, just compare the verbiage side by side. They should be identical. If they are not, I'd get a written explanation why the Note vary copy to copy. If any changes are minor, sign and move on. I'd be surprised that there might be any changes in your note. Let readers know if there are and how this was resolved.

My .02c
My .02c

SGIP

The following member(s) thanked this post:


Offline freedomcm

  • O.C. Resident
  • ***
  • Thanks
  • -Given: 472
  • -Received: 104
  • Posts: 698
Re: Loandepot asking me to sign new note
« Reply #2 on: July 02, 2021, 09:04:16 AM »
I wouldn't sign it unless it was identical to the original.  Otherwise, I would ask for them to pay for your lawyer and accountant to review the documents.  (why would I pay to cure their fault?)

The following member(s) thanked this post:


Offline Cares

  • Real Estate Broker & Mortgage Loan Originator
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 12
  • -Received: 205
  • Posts: 1054
Re: Loandepot asking me to sign new note
« Reply #3 on: July 02, 2021, 10:22:53 AM »
I wouldn't sign it unless it was identical to the original.  Otherwise, I would ask for them to pay for your lawyer and accountant to review the documents.  (why would I pay to cure their fault?)

Because you signed that you would cure minor issues post-signing. You are obligated to.

Offline Irvinehomeseeker

  • Yearning for 949 / 714
  • **
  • Thanks
  • -Given: 68
  • -Received: 43
  • Posts: 425
Re: Loandepot asking me to sign new note
« Reply #4 on: July 02, 2021, 10:37:17 AM »
Thank you all for you comments!! Loandepot has sent me the original, so I will make sure to review they are identical before I sign the new note. Thank again for the inputs!

 

Talk Irvine Links

[Recent Posts]
[FAQ / Rules]

Site Supporters


Recent Posts

SimplePortal 2.3.7 © 2008-2021, SimplePortal