[Sandy]

We are doing a loan to purchase a consumer home. The loan will be in the husband’s name only but the wife will sign the mortgage. Our practice is to have our borrower(s) sign the closing disclosure. Our loan software, LaserPro, is putting a signature line on the mortgage for the wife to sign but is not putting a signature line on the closing disclosure. I know all grantor’s sign the CD if it is a rescindable loan. Are all grantors to sign it if it is a purchase transaction?

[jholzknecht]

If there is more than one consumer who will be obligated in the transaction, the first consumer signs as the applicant and each additional consumer signs as a co-applicant. It appears that the wife is not obligated in the transaction, and the purchase transaction is not subject to the right of rescission, so the wife’s signature is not required on the LE or CD.

[Author]

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