I ran across one of these a couple of days ago, but thankfully, there were no instructions about it holding up funding if they didn't sign.
I leave it up to the borrowers, giving them a choice of signing it now or having to deal with it after their three days have passed. Most say that they have no intention of cancelling, so they don't mind signing it. I've never read the CA Code of Regulations, so I've always taken the position that if a document is not being notarized, it's not my concern what date they want to put on a particular document. Actually, even if it IS being notarized, I only concern myself with the date on my notary certificate. (However, that's primarily because CA notary law indicates that the contents of the document are not our concern.)
I've read somewhere (perhaps here - I couldn't tell you the source) that post-dating the acknowledgment section or page of a NRTC wouldn't be enough to nullify their federally mandated three-day rescission period. Of course, I couldn't advise that to any borrower, as I'm not an attorney and don't want to go there, but I would think that to be true.
I agree that it's not a fair box to put the notary (or the borrower(s) into). |
