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-149074