Document Updates: Expanded Guarantor Signature and Print Functionality (Various Documents)

Typically, loan guarantors can be defined as a party to the loan that do not sign the security instrument or the note, but do sign a guaranty agreement indicating that they will be personally liable for repayment of the loan in event of a borrower default. We have recently completed a review of several documents in view of our functionality built for loan guarantors. We determined that many state statutes as well as the CFPB consider the terms “applicant” and/or “consumer” to be nearly synonymous with “guarantor”. Therefore, we have updated some functionality for some documents to print a copy for each guarantor in addition to the copies that already print for each borrower. These documents include:

• Statement of Credit Denial, Termination or Charge (Cx15858)
• Credit Score Matrix (Cx5416)
• Addendum to Statement of Credit Denial, Termination, or Change (Cx15905)
• CA Credit Score Disclosure (Cx2112)

Some documents potentially applicable to guarantors print per loan, rather than on a per-party basis. These documents had guarantor signatures added to allow guarantors to sign the documents in addition to borrowers:

• ECOA Notice (Cx1413)
• FACT Act Notice (Cx4387)
• First Lien Appraisal Waiver/Receipt Form (Cx18183)
• Second Lien Appraisal Receipt Form (Cx18182)
• First Lien Notice of Right to Receive Copy of Appraisal Report (Cx17903)
• Second Lien Notice of Right to Receive Copy of Appraisal Report (Cx17904)
• CA Fair Lending Notice (Cx991)
• CA Fair Lending Notice (Cx16170)
• KY Fair Housing Disclosure (Cx11145)
• NY Fair Credit Reporting Act Disclosure (Cx3576)
• Appraisal Disclosure (Cx3397)
• CT Notice of Right to Receive Copy of Appraisal (Cx3752)
• RI Appraisal Fee Disclosure (Cx5102)
• WA Appraisal Notification on Purchase Money Mortgages (Cx2791)
• CA Credit Score Notice (Cx2114)

In addition, we have one document, “Credit Score Disclosure – A-3/H-3” (Cx15312), that had both per-party guarantor functionality and guarantor signature lines added.

These changes are on Stage servers for testing and will take effect on December 27, 2024. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.

DR-165664

Update:

Many of these documents that can print for guarantors have the Borrower name(s) at the top of the document as part of the standard information in the document heading. On many of these documents, the name of the guarantor was excluded from the standard document header. These documents have been modified to now include the label “Guarantor” and the name(s) of the guarantor(s) so that the names printing should match with the parties signing the documents, if any.

These changes will be in effect on March 7, 2025. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.

DR-172693

The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.