Posted by mike/ca on 12/13/04 9:41pm
Msg #13485

curious about how you would handle this

how would you handle a pkg with no rtc for borrower to sign?? and your are at the table

Reply by CaliNotary on 12/13/04 9:53pm
Msg #13487

Complete the signing and verbally explain the RTC, writing down the dates somewhere for them. Any written statement by the borrower can cancel the loan, it doesn't have to be the RTC form. Of course, if you discovered this before the signing it would be wise to call the title company to see if you can get one sent to you.

I would also advise them to contact their loan officer to get a form sent to them. But ultimately it's not OUR responsibility to make sure the loan package is right, it's our responsibility to get signed whatever they sent to us.

Reply by Ninna Mantooth-Lopez on 12/13/04 10:04pm
Msg #13490

There are situations where an rtc is not required such as the home they are refinancing is not there primary residence. Here is a link to the TILA Q&A as it pertains to rescission that might help you...

http://www.complianceheadquarters.com/Res__Real_Estate/RRE_Q_A_Archive/tila_right_of_rescission.html

Reply by DarleneAZ on 12/13/04 10:06pm
Msg #13491

You don't state whether this was a refinance on their principle residence or not. If it is investment property or a purchase closing there would not be a RTC. Sometimes on a streamline refinance they will not include a RTC. I've only encountered one signing like that so it is not the norm.

Reply by BrendaKhan on 12/13/04 10:23pm
Msg #13495

HELOC also do not have RTC's in addition to the above mentioned, investment properties or not primary residence. BK-FL

Reply by Jon on 12/13/04 10:26pm
Msg #13497

Every HELOC I've done has had a RTC, except the ones that were not a primary residence.

Reply by BrendaKhan on 12/13/04 10:31pm
Msg #13501

None of the ones I have done have had RTC's. Even my own HELOC did not have one and that was the first one I had ever seen and brought up that issue with the notary and he informed me not on HELOC's.
My first signing as a notary for a HELOC I asked the same thing to my SS and was told no RTC's.
It might have to do with the fact HELOC's are in second place on the lien list, with your mortgage being the first. I could be wrong. BK-FL

Reply by CaliNotary on 12/13/04 11:23pm
Msg #13507

The HELOCs that I do all have RTC's. I did a signing once - 3 properties with a refi and HELOC on each of them. None of the properties had RTC (they weren't the primary residence) but all of the HELOCs did.

Maybe it's a state by state thing?

Reply by Bob-Chicago on 12/14/04 10:29am
Msg #13547

RTC FOR HELOCS

A HELOC for a principle residence DOES require a RTC for the bwr
Even see them when increasing the line amount on an existing HELOC and also when opened at the time of a purchase (at least as to any unused amount not needed for the purchase)
I believe that a HELOC for an investment property is an oxymoron, but they are used for second homes.

Reply by PAW Notary Services on 12/14/04 12:05pm
Msg #13579

Re: RTC FOR HELOCS

>>> I believe that a HELOC for an investment property is an oxymoron ... <<<

Why? If someone owns a house and rents that house, it is considered investment property. That house builds equity (hopefully) and therefore eligible for a HELOC based on that built-up equity.

Now, investment property such as a 20-story high-rise office complex would be a horse of a different color.

Reply by Paul_IL on 12/14/04 2:08am
Msg #13525

You are leaving out information. What type of loan is it? Is if for an owner occupied primary residence? If it is for an investment property, second home, vacation home or purchase then there is no RTC

Reply by mike/ca on 12/14/04 11:07am
Msg #13553

it was a refi and owner occupied, escrow left out several forms that should have been in the pkg.

Reply by Terri - CA on 12/14/04 11:22am
Msg #13563

Generally, this is a lender provided form, not escrow or title.

Terri
Lancaster, CA