Mortgages Analyzed
 
Name Affidavit

What is a Name Affidavit?

Name Affidavit

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.

Source :www.MortgagesAnalyzed.com

Purpose

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.

Source :www.MortgagesAnalyzed.com

Borrower's Considerations

The borrower or the person issuing the document may want to keep the following in mind:

  1. Ensure all the names listed in the document are correct and are yours.
  2. You may add any other name that was missed by the preparer of the document.
  3. If you do not agree with a name as being yours, then cross it out and sign next to it with a brief note "not my name". However, the lender may not allow you to do so, especially if the source of the name was the borrower’s credit report. To prevent a problem at closing, it is a good idea to review the credit report before applying for a loan and have the names corrected early in the process.
  4. To prevent fraud, cross out all blanks fields that are meant for adding additional names. This will prevent someone from maliciously or improperly adding another name.
Source :www.MortgagesAnalyzed.com

Lender's Considerations

Reviewing the Document

When reviewing the document, verify the following:

  1. All the name variations and AKA’s reported on the credit report are included in the Name Affidavit.
  2. The legal documents (Note, Deed, etc.) are drawn using a name that has been included in the Name Affidavit.
  3. We recommended requiring notarization of the document. If notarized, verify the person notarizing is someone other than the borrower.

Preparing the Affidavit

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.

Source :www.MortgagesAnalyzed.com
 

Document Summary

 
Name Affidavit
Purpose
Name Affidavit is a document in which a person certifies all the names that have been used by the person.
Use in Mortgages
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.
Other Names
  • AKA Certificate / Also Known As Certificate
  • AKA Statement
  • Same Name Affidavit
  • Name and Signature Affidavit
Type
Affidavit
Provided By
Loan applicants
Provided To
Lender/Broker
Notarization Required
Yes. However, the lender may waive the requirement for notarization.
Signed By
Loan Applicants
Life Cycle Stage
Origination, usually during doc preparation
Recordkeeping
We recommend maintaining the document in the loan file as long as the loan is outstanding.
Model Form
None
Applicable Laws
None
Source :www.MortgagesAnalyzed.com
 

Updated: Aug 11, 2013

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Name Affidavit is a document in which a person certifies all the names that have been used by the person.
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