Posted by MB/CA on 7/15/05 10:17pm
Msg #52603

Signing Postponed

I'm suppose to do a signing tomorrow at 12 noon. The borrower called and said her husband has to go to work at 1 PM and could we make the signing for 11 AM? The docs are coming via Fedex to my home. I told her if they get here early enough we can do it. I called the signing service to tell them of the complication and was told that this wouldn't be a problem and I could even do it the next day since it was just a refi. My question is all the docs will be dated the 16th. Can I just go ahead and put the signing date of the 17th if the docs aren't delivered on time? I would never back date, but will this look funny?

Reply by meme on 7/15/05 10:22pm
Msg #52605

date the doc for the 16th

Reply by CaliNotary on 7/15/05 10:50pm
Msg #52612

Even the notarized docs?

Reply by droman/IL on 7/15/05 10:34pm
Msg #52606

If you do the closing the 17th, you don't have to CHANGE any of the dates on the docs, except for the RTC (in which case the borrower must initial the change.) However, anywhere where the date is ASKED for, you (and/or brw) will date 7/17. Of course, this is for IL - not sure about CA. Never, under any circumstances, would you fill in the date for 7/16 if you were closing 7/17. That is backdating and applies EVERYWHERE.

Reply by JanetK/CA on 7/16/05 12:51am
Msg #52637

It sounds like the docs are not date sensitive from what the ss told you, so the actual document date doesn't matter. (They won't "look funny".) If the documents were date-sensitive, they would have to be redrawn for a Sunday signing, so I doubt the ss would have told you it didn't matter if that were the case.

The only dates you need to be concerned about are the RTC and the ones you notarize and these should absolutely have the correct date - i.e. the date they actually "personally appear" before you. Same thing with the RTC. If the transaction date on the RTC is preprinted, that will need to be corrected and initialed by the borrower(s). If it is blank, just fill in the actual date. Also, remember that Sunday doesn't count for their rescission period, so it will end on the same day, regardless of whether they sign on the 16th or the 17th.

Reply by Glena/NV on 7/16/05 2:26am
Msg #52648

Not backdating at all....

If the documents will arrive today, July 16, 2005 and the signing will take place tomorrow, July 17, 2005 and the SS is telling you that it is ok to sign tomorrow...you are not backdating. They are not asking you to sign on the 17th, but date on the 16th. You are dating the documents the same day as the signing.

Let me help you in understanding what backdating and predating means:

Backdating - when the documents that you received are executed (signed) today, but they want you to date it to yesterday. Most of the time, this happens because they prepared the documents a day late and inorder for the LO to get their commission for that month, they want you to backdate, or that the documents are date sensitive. Since they were not able to sign yesterday (for whatever reason), the borrowers are going to loose the rate lock in if you do not backdate.

Predating - when the documents arrive today, signed today, but they want you to date it for tomorrow. It happens when the borrowers are supposed to sign tomorrow but are not going to be available for whatever reason. Inorder to close on time and not loose the lock in rate, they will have to sign a day earlier but date it for future date.

Both of these are illegal. However, your situation does not fall under any of these. You will be signing tomorrow and you are dating the documents tomorrow. Aside from the NRTC, there is no other dates that you should worry about. If the RTC dates are already entered as 7/16/05 and and 7/20/05, just change the 7/16/05 to 7/17/05 and have the borrowers initial... last day to cancel would still remain the same.

Reply by MB/CA on 7/16/05 8:28am
Msg #52656

Re: Not backdating at all....

Thank you so much! You guys are great!