Posted by wv/or on 8/15/12 3:35pm
Msg #430557

Question about RTC

Do you know how many right to cancel a bank needs back signed per borrower?

Reply by Linda_H/FL on 8/15/12 3:40pm
Msg #430558

However many title/lender hiring party tells you

Don't guess. Leave 2 per party in interest at the table and send the rest back. If no direction, and you have 12, I'd get all 12 signed and returned.

Do they need 12? probably not - but guess what happens if you make a decision not to return all 12 and it's wrong?

Ask them - it's their ballgame.

JMO

Reply by wv/or on 8/15/12 3:48pm
Msg #430561

Re: However many title/lender hiring party tells you

If the bank has 3 RTC, you would leave the 2 and only send 1 back. Do you ever make copies of the RTC to send more back?

Reply by Linda_H/FL on 8/15/12 3:51pm
Msg #430563

Depends - are there signature lines for all

signers? You have to adjust.

Example: 2 signers - 3 RTC's with both names on them - I make two more copies giving me 5, have borrowers sign all 5, leave 2 each in their package and send back one signed by both signers.

Reply by wv/or on 8/15/12 3:54pm
Msg #430565

Re: Depends - are there signature lines for all

Thank you. I was never clear on the RTC. For some reason I thought the bank needed 2 signed RTC per borrower.

Reply by Linda_H/FL on 8/15/12 5:00pm
Msg #430579

They might - it's a lender-specific thing. n/m

Reply by sigtogo/OR on 8/15/12 5:24pm
Msg #430584

some do want two . just to be safe I always send two. and

for those packages with 12? My theory is that the lender has a pre-set amount in their print program and includes all that are needed in the lender package. I eliminate the duplication from the borrower package. So all told then, there are two to each borrower and two to the lender. I never leave un-signed RTC with borrowers that might be in their copy package-sign 'em all or pull the un-signed.
today I had a package with no copies in the lender package, just the one original-go figure. just me, but if I was the lender, I would make sure there are enough in the lender package.
JMO Donna

Reply by JanetK_CA on 8/16/12 2:18am
Msg #430639

Re: some do want two . just to be safe I always send two. and

"I never leave un-signed RTC with borrowers"

Me either. I suspect that not too many people these days are signing loans they will later want to get out of, like many of those signed before the "mortgage meltdown", but I got in the habit back then. I'd heard that it was being used by borrowers to dispute their loans, saying that they didn't get their two copies of the RTC on the correct dates, even though the lender should have a copy of them signing that they did. I just figure better safe than sorry.

Also, if there aren't enough copies for each person on title to get two, plus have at least one signed by each vested owner for the lender, I do try to make extra copies. That includes one more for good measure for those folks who start signing before I have a chance to finish a sentence and end up signing where it says "I wish to cancel".

Reply by Karla/OR on 8/16/12 2:34am
Msg #430640

Re: some do want two . just to be safe I always send two. and

("I never leave un-signed RTC with borrowers that might be in their copy package-sign 'em all or pull the un-signed.")

Donna~ am I understanding you correctly that the two RTC's per BO in the BO's copy package need to be signed as well as the ones that are being returned??

Thanks.

Reply by BrendaTx on 8/16/12 5:44am
Msg #430646

Re: some do want two . just to be safe I always send two. and

I have never not had all three RTCs signed. Two to the borrower, one to the lender.

My policy is that if there are two borrowers, the husband should walk away with at least one RTC with his wife's signature, one with his own, and likewise for the wife. There is a reason that there are many copies of the RTC. Maybe this is overkill and no one will ever find out...but I feel that this is like the verbal ceremony - it is supposed to be done.

Reply by CopperheadVA on 8/16/12 5:53am
Msg #430647

Re: some do want two . just to be safe I always send two. and

<< Donna~ am I understanding you correctly that the two RTC's per BO in the BO's copy package need to be signed as well as the ones that are being returned?? >>

Not required, but some signing agents have the borrowers RTC copies signed by them as a matter of practice and personal preference. I do not have them sign their copies of RTC, although I do make sure they have the required two per person in their packet that I leave with them.

Msg #359451
Msg #71953
Msg #65147

Reply by BrendaTx on 8/16/12 6:31am
Msg #430649

Re: some do want two . just to be safe I always send two. and

Thanks, Copper.

I appreciate the history lesson and the clarification. This is good to remember...old dogs, new tricks (me/old dog).

My experience in observing closings in law office/tc was that they were signed. Of course, that does not mean it is required.

Reply by sigtogo/OR on 8/16/12 10:28pm
Msg #430769

Not required just my practice. my reasoning same as Janet

Of course it is not going to be a problem for us, as long as we return signed RTC to lender where borrower states they have received two completed copies. However, the lender in me just doesn't like the idea of un-signed RTC's floating around that could be presented to the lender with protestations by the borrower that they never received their signed copies.
I prefer to err on the side of caution. (don't tell Pro Mobile I said that ! )
Donna