Posted by No/ta/ry/2u on 10/6/07 5:28am
Msg #215207

RTC says not to fill in dates

Received a signing and the hiring company says not to fill in the RTC dates, no dates what so ever are on the RTC. This is a refinance. Uhmm. First one I received like this where no dates and they said not to write in dates.

Reply by Bob_Chicago on 10/6/07 7:04am
Msg #215210

I do not think that it is a good practice, BUT the RTC Form

states somthing like " the last day to cancel is midnight
of the third business day following receipt of two copies of the RTC form.
If they sign and date it today, then the end of the RTC period would
end thursday - 10-11 . NOrmally would be Wed 10-10
Some companies tell you not to change the pprinted dates for the same reason.
Your's not to reason why......

Reply by JAGGWIN on 10/6/07 1:40pm
Msg #215240

This would be a RED flag. The RTC is a protection to the borrower. The borrowers have 3 business days to reject the "contract" or loan as it were from the date of signing the note on their primary residence. Why would anyone ask you not to fill in the dates? Sounds shady, doesn't it?

Reply by MichiganAl on 10/6/07 1:46pm
Msg #215242

Is there a date on the signature line?

As long as the borrower dates their signature, there would be documentation of the date they signed.

This is the section of the FDIC Consumer Protection Act that deals with the RTC:

(b) Notice of right to rescind. In any transaction or occurrence subject to rescission, a creditor shall deliver two copies of the notice of the right to rescind to each consumer entitled to rescind (one copy to each if the notice is delivered by electronic communication as provided in § 226.36(b)). The notice shall identify the transaction or occurrence and clearly and conspicuously disclose the following:
(1) The retention or acquisition of a security interest in the consumer's principal dwelling.
(2) The consumer's right to rescind, as described in paragraph (a)(1) of this section.
(3) How to exercise the right to rescind, with a form for that purpose, designating the address of the creditor's place of business.

Nothing that states that the date must appear on the document.

Reply by No/ta/ry/2u on 10/6/07 5:59pm
Msg #215265

Re: Is there a date on the signature line?

There was not even a place to date after the borrower signed his name, thats what made me wonder because no where on the RTC is a date.

Reply by MichiganAl on 10/7/07 1:20am
Msg #215299

I wouldn't be comfortable with that

I'd at least want the borrowers to date their signature. I can understand if companies have been having problems with dimwits who can't calculate the RTC properly, but that's no excuse to have the borrower's signature undated.

Reply by Michael/NC on 10/6/07 4:44pm
Msg #215260

I had one of these requests this past week. I called the Lender to inquire why they requested not to have the dates filled in. Their reply was that "There are too many Notaries messing up the dates and that they perfer to fill in the dates themselves to ensure it is completed correctly." Some people messing up makes it look bad for us all. If you don't know how to count or can't remember which days are holidays there are "free" Rescission Period Calculators on the net that can be downloaded.

Reply by Lee/AR on 10/7/07 1:17am
Msg #215298

If it's such a problem--why don't THEY just fill in the dates? More often than not, the loan docs I do already have the dates completed, so there is apparently no prohibition to doing this. I kinda have to wonder about the ones with the 'missing' dates...who then add 2 legal-size pages of "Signing Dates/Rescission Dates" and another page of instructions on how to 'fill in the dates properly' on the RTC.

Reply by ReneeK_MI on 10/7/07 6:03pm
Msg #215349

Settle down, everyone ... it's really okay =)

The RTC states the policy pretty clearly, and they don't even need an RTC form signed - so why would they need it dated? The RTC period begins at the time of disclosure (signed/dated TIL) OR Settlement (signed/dated/notarized Mtg/DOT), whichever is later (and in 99.9% of our cases, they're simultaneous, but still regardless).