Loan Company made a mistake, what to do?

[Jimmy Sont]

Hi everyone, I was notified by my loan company that they made an issue 4 months ago when closing and they put down my personal name instead of my business name for the signature. They would like me to sign a new document to update this so they can sell the loan to an investor. How should I proceed if the terms will remain the same?

[Kevin Sobilo]

Quote from @Jimmy Sont:

Thank you! Technically if they called the note, would I be able to get a better rate on the next loan?

I don't understand why you mention them "calling the note". Unless you have defaulted in some way that isn't something they could do.

That said, if you don't sign it, they will probably sign it for you. Most loan packages include something you sign that says that you will cooperate with them to correct any technical errors like this and I believe it also includes the ability for them to sign for you if you don't but obviously they prefer to have clean paperwork where you have signed it.