Posted by Nancy in Florida on 8/9/05 9:56pm
Msg #57954

Anyone ever heard of waiving RTC????

I had a last minutes signing tonight and as we were signing the docs the borrower called his LO to question the fees on the HUD and also stated that the docs must be back tomorrow. I have a pre-printed FEDEX from the TC for next day air but I have never heard of same day air? (Closing was at 6:30) Does anyone know about this? It would be going from Florida to Texas, I took less than my normal fee for this because it was a small package and only 4 miles from my home. I will call FEDEX in the am but if I need to drive to the FEXEX terminal in the next city that will take 30 minutes each way, I will call the SS and tell them that this was a recently added request and that I need more for this service.

I asked the borrower why he needed it back there tomorrow since there is a RTC and the loan will not be funded until next Monday and he said because they are waiving the RTC and will fund it tomorrow! I have never heard of legally waiving the RTC. I really don't care when they fund it, he signed the RTC and that is all I care about but just curious if anyone has heard if the RTC can be waived for certain circumstances. This was the primary residence.

Reply by Mike/NJ on 8/9/05 10:04pm
Msg #57955

If someone is giving up the RTC you would think there would be a form saying they understanding they are giving up all rights and aware of the loan funding ASAP.

I have never seen RTC not included on a standard refi on a primary resident. Sounds funky, but its not our job to question what goes on between the LO and the borrower.

Reply by Nancy in Florida on 8/9/05 10:08pm
Msg #57957

I agree Mike, I didn't question it as long as he signed the RTC that I had in the package and there was not a RTC waiver form in the file either. I was just curious if anyone has ever heard of this because I had never heard that an RTC could be waived on a primary residence.

Reply by Becca/FL on 8/9/05 10:08pm
Msg #57956

I've done three closings in the past three years where the borrowers waived the RTC. Each time this has happened, the borrowers had to sign a letter (in one case, hand written per the atty. closing agent) stating that they were waiving their right to cancel.

Reply by Becca/FL on 8/9/05 10:13pm
Msg #57961

FYI -

The hand written waiver of RTC was do to a pending forecloser. Another time was due to vacationing borrowers that needed the $ - the Credit Union had to approve the waiver and did. I can't remember the circumstances for the third occasion.

Reply by Sylvia_FL on 8/9/05 10:09pm
Msg #57958

The RTC can be waived, but only certain hardship cases.

Check out the following - and scroll down to the waiver of rescission.

http://tinyurl.com/d8veg

It is not easy getting a waiver of the RTC.

Reply by Kimberly-IN on 8/10/05 9:50am
Msg #58006

I did a closing once where the RTC was waived. At that point, I had never heard of it. The lender just told me that in circumstances where waiving the RTC benefits the borrower, then the RTC can be waived. I made sure to note that conversation.

Reply by Shan _ CT on 8/10/05 9:58am
Msg #58007

Sometime the RTC is waived if they are taking a loan out on a vacation home, etc.

Reply by Sylvia_FL on 8/10/05 11:05am
Msg #58033

No, they are not "waiving the RTC" on vacation homes. There is none on a vacation home.
Only on primary residences.

Reply by Paul_IL on 8/10/05 12:38pm
Msg #58063

There is no RTC for a Vacation Home NM

Reply by Frank on 8/10/05 1:26pm
Msg #58080

The RTC waiver is for owner non-occupied real estate, that is if they dont live on the premises there is no right to cancel.