Name Affidavit is a document in which a person certifies all the names that have been used by the person. The name affidavit may include maiden name, married name, other names used, and all variations of the names that appear in other documents. The person that is signing the document can enter into a contract using any of the names and will be bound by contract in that name. The signature next to each name means that the person can use any of the names associated with his signature. The Name Affidavit is usually part of the closing documents that are signed by the borrowers. This document is generally combined with Signature Affidavit.
The purpose of the Name Affidavit is to eliminate the possibility that the borrower may later claim that he/she is not the person named in the document and is not bound by the loan or liability. Therefore, this document is mainly for the protection of the lender. The document also aids fraud investigation where the signatures in the affidavit would be compared with the signature in question to ascertain if such signature was of the borrower or another person.
From a lender’s perspective, name affidavit documents the (a) signature, and (b) all the names of the borrower.
The borrower or the person issuing the document may want to keep the following in mind:
When reviewing the document, verify the following:
Name Affidavit is generally prepared by the Docs department of the lender and sent to the borrower for signatures. Generally, the borrowers sign the document at the time of loan closing as part of the closing package. Therefore, it is important that the Docs department ensure that all known name variations, such as those appearing on the credit report, are be included in the affidavit.
Updated: Aug 11, 2013