Posted by Elizabeth Soliday on 3/23/09 6:42pm
Msg #281870

Post-dating customer statement of non-recision

I was asked to do this, but I don't like it at all. I think this document should be executed when it is supposed to be done...after the recision period. What are your thoughts on this? Harmless or potentially problematic?

Reply by Sylvia_FL on 3/23/09 6:46pm
Msg #281872

It's up to the borrowers whether they sign it or not.
I wouldn't sign it.

Reply by Elizabeth Soliday on 3/23/09 6:59pm
Msg #281873

Neither would I, that's why I don't even want to suggest it...it's poor customer service.

Reply by CopperheadVA on 3/23/09 7:27pm
Msg #281879

Whenever I have asked the title companies about whether they want me to get this post-dated or if they want it sent in by the borrower after RTC expires, every single time they ask me to get it post-dated. I have been told by TC's that it does not pre-empt the borrower's right to cancel the loan within the three days.

When I present it to the borrower, I tell them that the TC asked me to get it signed for XX date so it is in the file and funding of their loan is not delayed. However, I tell them if they are not comfortable with this, then I can leave the form with them and they will be responsible for getting it to the TC on the day after rescission expires. Every single time the borrower has signed it because they don't want to be bothered with sending it in themselves. I don't think I personally would do it for my own loan, but I always leave it as the borrower's choice and they make the decision.

Reply by mmjosey on 3/24/09 5:19pm
Msg #282011

I agree with your statement. Let the borrowers decide. The TC"s I work with don't have them date the form they just ask that they sign it, with no date. Some borrowers do sign and others don't. When they don't sign I give them a fax number to the TC to sign and fax over to them.

Reply by MW/VA on 3/24/09 9:01am
Msg #281941

There are some companies that require it for disbursement. If the borrower signs that form with the date following the 3-day Recission, they have not forfeited their right to cancel.
At first I didn't feel comfortable with it, but there is nothing wrong in having them sign it.
It's up to the borrowers, of course.

Reply by PAW on 3/24/09 12:29pm
Msg #281961

Nothing wrong with it?

>>> At first I didn't feel comfortable with it, but there is nothing wrong in having them sign it.
It's up to the borrowers, of course. <<<

IMO, there's everything wrong with it! What would happen if the borrowers, G-d forbid, have an accident or some unforeseeable circumstance during the three day period, and couldn't physically comply? How in the world would it look to a judge in court?

Of course, it is completely up to the borrowers to decide whether or not to post date the form, but I personally would have no part in persuading the borrowers to sign until the proper time.