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Posted by  JanetK_CA on 11/24/19 5:05pm
I also make sure that every borrower has *two* SIGNED copies of the RTC. If they decide to cancel, how many borrowers do you think will know how to properly fill in the transaction date and deadline to cancel date (if they're not prefilled) or to be sure to sign the acknowledgment of receipt with the correct date? Very few, I'll bet.
Also, true or not, an attorney told me years ago (after the 'mortgage meltdown') that she used those unsigned RTC forms as a tool to get clients out of bad loans, based on the statute quoted above by Linda. So while I generally print an extra form for each person, in case of error, I don't leave any blank RTC forms with clients.
As for how many forms of ID are required, as I recall, the lender is responsible under the Patriot Act to prove that the borrower has been properly identified, but it doesn't define what that means. So it's up to the lender to decide what method to use and how many forms of ID are requested.
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