I have a Refinance to do in a few days and in the documents I have a Wells Fargo Preferred Plan Enrollment Form. Do I need to have the borrowers fill that out during the signing? And do I include that in the documents when I mail them back?
It is optional fr the borrowers to fill and sign that plan,yo let them to decide what to do, if they do not want to do it , you just keep going with the signing.
Best betâŠcheck with hiring party; this way if it comes back at you later you can say âso and so from XYZ company told me to handle it this wayâ⊠and get it in writing gâŠwill carry a whole lot more weight than saying âso and so on Notary Cafe to!d me to do it that wayâ
Concur with LindaH-FL, @TIMLYNCH , to request explicit execution/completion instructions in writing from your hiring party. This method will ensure that everything is completed as per their required specifications.
I get these often, its optional, normally if borrower says no, I put not needed at the top of the paper in small print to indicate the borrower opted out⊠but again you can still check from the hiring company.
I would be very careful doing thisâŠas I recall Wells Fargo (and possibly others) had a product where this was requiredâŠborrowers may not remember that little point by the time they sign. ALWAYS check with title or hiring party and never ever write anything on docs
I have always put a large X on the doc if client doesnât want it and write declined and have the client initial it. Sometimes it is a lender requirement and itâs part of agreement with lender. Citibank is one that requires it.
I have done buyers, refis, and mods for WF through different sources, and they always include this form. But 1 out of 20-30 customers actually signs up for it (at the closing). I just have them write âDeclinedâ and initial at the signature page. To this day, it has never been an issue.
All loans mods that I have conducted for WF thru FASS include this form. With the very first one I did, I asked If it was required to be filled by signers. They told me it was optional. From that day forward I briefly describe the form and 99% of signers decline so I donât write anything on the form, send it back with the package with a post it note explaining the signers declined and also when I close the order on FASS platform (website) I write the same thing on the note section.
With any of those types of forms, @LindaH-FL , I have developed the same process youâve identified.
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Write nothing on the form if they Decline the âoffer.â
Give them a note pad to briefly explain the reason for their decision.
They initial their note/reason.
Whether itâs a âstickyâ note (or not), I staple it to the document (to ensure itâs secured in-place).
Unfortunately, paper-clipped and/or sticky notes can become dislodged & create an âerrorâ or âdefectâ or confusion . . .
P.S. As Arichter mentioned, do look for the âCheck Boxâ option for Decline. If the signers check that box, theyâll need to execute the document.
Iâve always had them block print DECLINED right above the signature line and had them sign it.
Not one complaint in over 25 years about doing it this way. My reason for doing it this way is so hiring party knows signers saw this option, but donât wish to do so. (I also see a few of these forms that DO have a check box to âdeclineâ.)
Iâm assuming that is for the auto pay Wells Fargo doesnât require that to complete the loan. But Citibank signings require the auto pay to be completed by the borrow or you adjourn the signing.
Thereâs always a notice before the actual form they fell out for the auto pay.