Posted by Marla_FL on 8/25/05 1:05pm
Msg #61702

RTC Addendum

I have seen this a hand full of times and I have never thought to ask. It's seperate from the RTC and states that the B's have exercised their three day RTC and they do not intend on canceling the loan. It is always dated for 3 in the present when the RTC expires. This is not a notorized document. Have you seen these and what is your spin on it?

Reply by fiKS on 8/25/05 1:07pm
Msg #61704

I've seen those but they are predated the day after the 3day RTC expires. I think some lenders or TC require that for funding.

Reply by Marla_FL on 8/25/05 1:14pm
Msg #61710

I think so too but it always makes me fill uncomfortable. I never say anything to B obviously but...

Reply by Art_MD on 8/25/05 1:14pm
Msg #61711

I don't do a thing with them. The TC may have the borrower fax it in after 3 days.

Art

Reply by BeccaWI on 8/25/05 1:18pm
Msg #61714

Do you explain that they might have to fax it or do you not mention it? I have one today in a few hours and it is my first!

Thanks

Becca

Reply by Art_MD on 8/25/05 1:28pm
Msg #61718

Mention that they may have to fax it.

Art

Reply by DellaCa on 8/25/05 1:53pm
Msg #61729

I point it out.

Reply by PAW_Fl on 8/25/05 6:29pm
Msg #61796

I just tell them it must be returned. How they do that is up to them. They should contact their broker/LO for specific instructions.

I had one, don't remember which lender, that was upset because the confirmation on non-rescission wasn't included in the return document package. I told them that I don't advise the borrowers one way or the other how they are to handle that particular document. If they want to post-date it, all well and good. If they don't want to, who am I to tell them they have to?

Reply by taxpro on 8/25/05 1:45pm
Msg #61726

I called the TC about this once. They want it in their file after the RTC expires to confirm that the borrowers didn't cancel. It's postdated for the day after recission period expires. If the borrowers don't cancel, the TC already has the doc signed. If the borrowers cancel, the TC shreds the doc. If the borrowers are uncomfortable signing it, you can leave it with them and tell them that they must fax it to the TC, first thing in the morning after recission expires. My borrowers didn't want to have to fax it three days later, so they went ahead and signed it. They just wanted to be sure that they weren't forfeiting their right to cancel by signing this doc in advance.

Reply by Nd_WA on 8/25/05 2:38pm
Msg #61742

Taxpro is right....N/M