@thenotariusgk As indicated above, the OP wasn’t referring to “spouses,” but to BOs. You’re referencing spouses & Joint, which was not specified within the OP.
The scenario that was presented needed clarification, which I requested.
Once the scenario was clarified, the query was answered directly.
Please note it’s HIGHLY UNUSUAL scenario for there to be 2 separate BOs with TWO SEPARATE applications & that isn’t JOINT, which was why the clarification was requested.
Clearly, it’s often occurrence that there are 2 Borrowers [BOs].
It’s also an often scenario that there is one BO & one non-borrower . .
You’re referencing something different than what was requested of the OP.
There is nothing further to add that would contribute in support of the OP & this thread.
I stand by my response. More than one borrower on the same loan is always going to be a joint loan in my experience. One borrower and one non-borrower presumes the non-borrower is a mortgagor only, otherwise we are all non-borrowers on someone else’s loan.
Not a lot of clarity here. In my experience, co-borrowers initial their own part on the application. They don’t have to initial each other’s portion. I’ve never had an application that required a non borrower to initial an application anywhere. Sometimes there’s a signature addendum for a non borrowing spouse to sign because it’s a community property state. The closing disclosure has a signature addendum for a non borrowing spouse.
A lot of what is required depends on the lender or the title. So you can’t just assume anything and I have no idea who presumes anything in a package. The statement we are all non borrowers on someone else’s loan makes no sense at all. JMO.
Some people providing feedback have done this for decades. They aren’t trying to argue.
We’ve all had different experiences in different venues, and yes, I am in a community property state. I have never had a title company or lender complain about extra initials, only missing ones. I don’t know what logic is involved in initialing your own signed application unless you want a belt with your suspenders, and there is quite a lot of that in most loan packages anyway. My point with the non-borrowers was meant to be as ridiculous as the definition. There is no point in including a non-borrower anywhere on a loan package unless they are also either a mortgagor or guarantor, both of whom are ultimately liable up to the full amount of the loan. In the larger loan packages, I often find docs that require two signatures or two sets of initials when they don’t make much sense for a non-borrowing spouse, but if that’s what the title company wants, I don’t argue.
