Posted by John_NorCal on 8/1/05 11:53pm
Msg #56323

RTC Dates

Opinions please, (I know I'll get them) What is the consensus of changing a date on the RTC when the date is for the following day? The verbiage in the RTC states the date of the receipt, such as the 1st, but the lender types in the 2nd. Does it make a difference in the long run, should the date be changed to the 1st?

Reply by Renee_MI on 8/2/05 3:13am
Msg #56335

Odd that they would intentionally do that, if entire package was dated 8/1? Yes, most definitely makes a difference - one, the date is incorrect and two, will push back borrower's disbursement date all the way to Monday. You would have to take back to borrower, to have correction initialled. Perhaps there is another signer, who is signing today, and that RTC was intended for 2nd signer?

Reply by chuckCA on 8/2/05 3:31am
Msg #56337

The clock starts on the day they sign

Therefore, the right to cancel should reflect that date.

Reply by PAW_Fl on 8/2/05 7:27am
Msg #56347

You need to check with the lender. The date at the top is -usually- the date of the signing, but it may be a later date as prescribed by the lender. There are times when this date reflects the date opening an account. For example, if the signing is on a weekend, the account would not be established until the following workday and the lender may wish to date the initial date of the rescission to the account opening date. The expiration date must then be a minimum of three business days following the date specified in item #1. It can be more than 3 days, but a minimum of 3.

Just be sure when the borrower(s) signs at the bottom, if a date is requested, they use the date they actually sign the document. (Not all RTC notices are signed and dated.)

Reply by John_NorCal on 8/2/05 8:01am
Msg #56352

Thanks Paul, I did that. I couldn't figure out why the lender put in the 2nd, knowing the docs would be signed on the 1st. I'm having the guy initial the change before I ship out the docs, this way everyone will be happy.