October 16th, 2019 12:43 PM by Steven Hofberg
As many of you who work with me have learned, underwriting a
mortgage is an art, not an exact science. Our job is to set the client up
for success by making their separation agreement fit into underwriting
This month I ran into a somewhat amusing underwriting problem on a
Maryland loan. The underwriter told me that since there was an unsigned
notary page attached to the agreement, the separation agreement needed to be
notarized to be legal. I patiently explained to her that separation agreements
in Maryland do not have to be notarized to be legal and binding. She then told
me that she went on the internet and found something that said that Maryland
separation agreements had to be notarized. When I asked her for the site she
just said that she “Googled” it. After further discussion, she finally
agreed that Google is not necessarily a reliable source for that information
and backed down.
So, the moral of the story is that if your clients are not
planning on getting their signatures notarized, leave out the notary
page! It will lead to fewer questions and concerns from underwriters. And
don’t believe everything you read on the internet.
Have a great week!
Margie Hofberg, President
Residential Mortgage Center Inc