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Borrowers

Sellers

 

Corp/Trust Name

If the borrower is a business, corporation or trust, enter the complete name of the entity in this field.  This name will appear as the borrower and above all signature lines on required documentation.  If a name is entered in this field, the vesting field below is utilized for the title of each officer or trustee.  Required: No; Default: No

DocMagic Compliance Articles:

• Fannie Mae Expands Eligibility for Inter Vivos Revocable Trusts
• Trustee Requirements Matrix
• At Your Service: AmTrust Bank's Revocable Trust Signature Requirements
• New Borrower Type: Non-Title Spouse, Part I
• New Borrower Type: Non-Title Spouse, Part II
• At Your Service: Entering the Name of Inter Vivos Revocable Trusts

Name

Enter the first name, middle name or initial and the last name of a borrower on each entry line.  If the borrower is a business entity or trust, your entry is assumed to be an officer or trustee of the business entity or trust.  Use one line for each borrower, officer or trustee (nine borrower maximum).  To enter borrower AKA (name variations) press <F3> to pop-up a zoom window. Enter all applicable name variations on the lines below the borrower to which they apply.

Borrower Type

Enter the borrower type: I - Individual; O - Officer; T - Title Only; C - Co-signer.

DocMagic Compliance Articles:

• Security Instruments Modified to Add Non-Title Spouse As Borrower
• New Borrower Type: Non-Title Spouse, Part I
• New Borrower Type: Non-Title Spouse, Part II
• At Your Service: "Signature Selection" Column Added to Disclosure...

Social Sec. #

Enter the borrower's social security number on the line that corresponds to the borrower's name. DocMagic will automatically insert the "-"for you.  Required: No.  Default: No

Details

Credit Scores: Enter the Credit Rating Agency, Score, Date and Factors.
AKA/POA: Enter the Also Known As and Power of Attorney Signer information.
Contact Info: Enter phone numbers and email addresses for each borrower.

DocMagic Compliance Article:

• Tech Tip of the Month: Enhanced Key Factors Lists for Consumer Credit Score Disclosure

Vesting

Select the proper vesting for each borrower.  Choose from a list of 40 default options or Add/Edit the options. 

Final Relation

If a final relationship was not entered in the Vesting field, select an option from the options list, enter the code corresponding to an entry in the final relationship database or simply enter the final relation- ship.  Entry in this field applies to all borrowers listed.  Required: No; Default: No

Vesting to Read

This field reflects the complete vesting block as it will appear.  This field will default and should be allowed to default whenever possible.  In some cases, however, it may become necessary to override this computed vesting and re-enter it in a manner which is not consistent with our default.  Note: Changes in the Vesting or Final Relationship fields above will result in the automatic clearing of this field.  If this field is left blank, the vesting will be automatically computed based on the borrower information entered. Required: No; Default: Yes

Mailing Address (Street, State, Zip)

Enter the borrower's primary mailing street address in this field.  DocMagic recommends avoiding abbreviations for words such as: street, boulevard, north, etc.  Type in the number, street name, and apartment number (if applicable).  Required: No; Default: No

Sellers

Corp/Trust Name

If the seller is a business entity or trust, enter the name of the entity in this field.  Required: No; Default: No

Seller Names

Type an individual seller name on each entry line.  First name, middle name or initial and last name.  (Eight seller maximum).  Required: No; Default: No

Address (Street, State, Zip)

Type in the city of the seller's address in this field.  Required: No; Default: No