Posted by DHartley_PA on 7/10/06 1:47pm
Msg #132096

Quick question on Right to Cancel form

Do you give the borrower two copies from the original documents, or do you make extra copies to give them, or do you just tell them to use the copies that are in their set of documents? I have been making extra copies to give them returning the original docs back to the title company, but wonder if I need to be doing that.

Reply by Signing_Doc on 7/10/06 1:53pm
Msg #132098

i use the set which is already in their set of docs...I give them the RTC, the HUD, the TIL the very first thing (also the first thing on their set)...this way, if they WANT to cancel, they dont have to go looking for them. "Doc"

Reply by MICarole on 7/10/06 1:54pm
Msg #132099

It is my understanding that (it is federal law) that all borrowers get two copies of the RTC. If there isn't two copies for each borrower, I too make the extra copies (if I catch it) If not, so far most of my borrowers have had a copier and have made the necessary copies. I don't know if I am right, but I always make them sign the original and two copies (each) and ask them to keep the extra signed copies for their records.

Reply by Jenny_CA on 7/10/06 1:56pm
Msg #132101

From what I have experienced they don't always have the two copies per borrower in their set. I take out what they do have, make copies of the difference have them sign all and then give it to them and tell them those are their copies. If I am in a hurry I make copies from the set that is being signed.

Reply by DHartley_PA on 7/10/06 2:03pm
Msg #132102

Thanks for your comments. What do you do if the lender does not include a RTC form in the documents and you don't notice it until you get to the signing?

Reply by Jersey_Boy on 7/10/06 2:14pm
Msg #132103

The borrower only gets an RTC if they are refinancing or taking out a new loan on their primary residence. If the loan is for a purchase or a refi of an investment/rental/vaction property... no RTC.

Reply by DHartley_PA on 7/10/06 2:29pm
Msg #132105

Thanks for clarifing that. I always get worried when I don't see a RTC.

Reply by Sylvia M Mease on 7/10/06 2:36pm
Msg #132109

Also if the borrower is streamlining their loan - getting a loan from the company they are with, with a lower interest rate, and are not getting cash out then there may not be an RTC

Reply by SarahBeth_CA on 7/11/06 9:04am
Msg #132271

If you look at the statement just above where the borrower signs it states what? Completely papraphrsed here, I have recieved two copies. Have them sign all of the RTC's that come in the original package. I have seen as many as 6 or so. Pull two for each borrower from the copy, if you need to make more then do so. Have them sign those and put them on the top of their copy.