Posted by Delta_CA on 9/13/06 10:48pm
Msg #145911

Modification

I'm about to do only the second modification of my career. One question: The RTC is different in that the borrowers have 3 business days from the day the modification takes place (in this case, an increase in their line of credit). That is, 3 business days after 9-18 (preprinted on the RTC). Is that right?

Reply by PAW on 9/13/06 11:33pm
Msg #145927

Are they signing on the 18th? Is a new account being opened on the 18th even if they are signing prior to that date? The beginning of the RTC period is the latter of the date of disclosure (date of signing) or the opening of the account. Also, a lender can offer any time period for rescission as long as it is equal to or exceeds the minimum as required by Reg Z.