One of the documents included in a loan package is the Signature & Name Affidavit this form lists variations of the borrowers name such as “AKA’s” that the lender may have located when checking the borrowers credit or when the title search was completed.
The name variations may differ from their name as it appears on the lender’s loan documents as those appearing on the credit report, are or maybe included in the affidavit.
What is a Signature & Name Affidavit?
Signature Affidavit document is generally combined with the Name Affidavit & is a document in which a person certifies that the signature provided is the true and correct signature used by the person; Name Affidavit allows a person to give a declaration that they are the same person as another name. This might be necessary in the event the person may have been known by or used different names in the past. Sometimes they are given under oath while other times they are given before a notary public.The person can enter into a contract using the signature provided. It is similar to providing a signature card when open a bank account.
The purpose of the Signature Affidavit is to provide a sample signature that can be used to establish if the borrower signed a document or not. This document is mainly for the protection of the lender who will verify that the name of the borrower against the signature provided is correct. The legal documents (Note, Deed, etc.) are signed using the same signature as in the Signature Affidavit.
During a Loan Signing some borrowers have as much as 3 pages of AKA's and others may have just one page with one name. I compare this form with the Driver LIcense or ID presented to me at the beginning of the signing, and often time their legal name ( as listed on the ID) is not included in the AKA form so I write it as it appaers and make sure they sign accordingly.
Those borrowers with multiple pages often ask ,
"Where did all these names come from?"
"Your credit report! Which could contain different versions of and maybe even misspellings of your name. For example, your first and last name might appear along with your first and last name with your middle initial. Your credit report is compiled using information from the creditors and lenders you do business with. The name you put on your applications (the one that appears on your credit card or your statements) is the name that appears on your credit report, so be consistent. Also, if creditors have misspelled your name, that misspelling will appear on your credit report.
This document sparks up a conversation regarding the various names showing up because clients are surprised to see so many name variations, which they have no knowledge of, So recommend they pull their credit report, which is available for free once a year, and dispute any minor credit reporting mistakes with the credit bureau because if those names -- and any un recognized accounts could be the work of an identity thief