DocMagic, Inc.'s Compliance Department has created a District of Columbia Domestic Partnership Addendum to Uniform Residential Loan Application (dcdpa.msc) ("Addendum") to enable customers to determine whether a borrower is involved in a domestic partnership when the secured property is the borrower's residence.
According to D.C. Code Section 15-502(a):
A mortgage, deed of trust, assignment for the benefit of creditors, or bill of sale upon exempted articles is not binding or valid unless it is signed by the spouse or domestic partner of a debtor who is living with his or her spouse or domestic partner.
In light of the dire consequences of not obtaining a domestic partner's signature on a security instrument encumbering D.C. property, DocMagic has created this Addendum. This Addendum will appear in all District of Columbia initial loan packages where the loan originator is a lender or broker.
To view all At Your Service Articles, click here.