A new column entitled "Signature Selection" has been added to all of the disclosure matrices posted online to the Compliance website.  This list includes our multistate, state, pipeline, and FHA disclosure matrices.  In this column, you will find what the default signature selection is for a particular form.  If a form has no borrower type present in the signature block, then the signature selection column will have N/A.  The disclosure matrices may be found here.  Please note that some investors, lenders, and title companies may have different signature selection requirements than those set forth in the matrices.

Below you will find some general information on the different borrower types reflected in the "Signature Selection" column.

Type	Borrower under Note	Borrower On Title
Individual	Yes	Yes
Cosigner	Yes	No
Title Only	No	Yes
Non-Title Spouse	No	No
Officer	Yes	Yes

An Individual is a borrower who receives funds in the form of a loan and is legally obligated to repay the loan in full with interest by signing a promissory note and any addenda.  If two or more individuals are going to own the property jointly, they are considered individual borrowers and must sign the note.

A Cosigner is a borrower who signs the note along with an individual borrower and is held liable if the individual borrower defaults on the loan.  A cosigner usually has no ownership interest in the property; he/she is only assuming personal liability for the loan obligation. The cosigner will be on the note, but not on title.

A Title-Only Borrower is a borrower who is not legally obligated to repay the loan under the note, but is actually on title to the property securing the loan.  The Title-Only Borrower will not be required to sign the note, but will be required to sign only title-related documentation, such as the security instrument.

A Non-Title Spouse is a non-borrowing spouse who is neither legally obligated on the note nor on title to the secured property, but who lenders may require to sign the security instrument, especially if the Non-Title Spouse is in a community property state or a state with other marital rights.  For more information on the Non-Title Spouse, please see our articles on this topic here and here.

If the borrower is an officer of a business entity or trust, then the borrower type will be Officer.  The Officer is considered the same as an individual borrower, and therefore, will be on both the note and title.

Please contact DocMagic, Inc.'s Compliance Department if you have any questions or comments.

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