Posted by Agony in USA on 11/29/04 9:03pm
Msg #12255

Do the borrower/s sign

By law what copies of the borrower's copies do they have to sign. RTC, but is there any other copies that are in the package's that have to be signed?

Reply by Brenda J Khan on 11/29/04 9:47pm
Msg #12257

I do not give the borrowers any signed documents unless they have a copier there and want to make a copy of a signed document.

I provide the borrower with copies of all documents which I show to the borrower at the begining of the signing and they get after the signing is done.

The RTC they signing and initial near both the signing date and last date to cancel is stating they have received atleast 2 copies of the RTC and that they are aware of how to cancel. It does not state they have received a signed copy. BK-FL

Reply by Ted_MI on 11/29/04 10:55pm
Msg #12265

Brenda,

I have done a number of HELOC's for the same signing company, and the contents of the borrowers package are slightly different than that of the original Package. in the original package there are some identification forms, which are not in the borrowers package. And in the borrowers package, there is a privacy policy, which is not in the orignal package. Then again it doesn't have to be signed.

Reply by PAW Notary Services on 11/30/04 5:48am
Msg #12285

Some RTC's state at the bottom that the signers have received "FULLY EXECUTED COPIES". Thus, the documents would need to be signed. Also, by having the borrowers sign and date their copies, minimizes attempts at fraud because it will be properly dated and acknowledged. A blank form can be completed whenever the signer feels like with whatever information they feel like.

Reply by Ted_MI on 11/30/04 2:26pm
Msg #12319

Paul,

I always suggest to the borrowers that on the rtc's in the borrower's package they insert the two relevant dates. I don't think it makes a whole lot of sense to have copies with no dates on them. What good is that going to do them if they decide to rescind and they don't really remember when the deadline is, how long they have to do so.

Reply by PAW Notary Services on 11/30/04 10:19pm
Msg #12386

If the RTC's do not have the two "important" dates (date of transaction and date of expiration), then the doc is not complete. All copies, including the borrowers copies, MUST contain those two dates, whether or not the borrower receives signed copies or not.

The question as to whether or not the borrowers should sign and date (on their signature line) is the the discussion. And, as I previously posted, some RTC forms explicitly state that the signers are to receive fully executed copies. I also contend that ensuring that the borrower(s) signs and date their own copies is a possible fraud deterrent.