Posted by Maria Elena/Fl on 8/5/05 6:54am
Msg #57086
RTC - HELP !!!!!!!!!!!!!!!! - A S A P
It always confuses me ! I did a closing last night (August 4) - As far as I know the Rescission date is August 8 ( and the Notary Rotary calendar says the same ), so , August 8 is the last day (midnight) that the Borrower has to cancel (correct ?) and that is the date that has to show on the form and the funds will be available to the title company the 9th (correct ??)
Your comments are really appreciated
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Reply by Bob-Chicago on 8/5/05 6:57am
Msg #57088
You got it N/M
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Reply by hcampers/fl on 8/5/05 6:57am
Msg #57089
You are correct.
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Reply by Maria Elena/Fl on 8/5/05 7:31am
Msg #57093
THANKS ..... HAVE A GREAT DAY !!!!!!!!!
JUST CONFIRMING !
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Reply by Susie_UT on 8/5/05 8:18am
Msg #57099
Re:RTC
I would not speculate to bwr as to when funds are available. That is up to the lender and many elements can effect funding.
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Reply by Joe on 8/5/05 8:32am
Msg #57104
Re: Re:RTC
Sometimes the lender will give the borrower extra time to cancel. I had one where they had an RTC with 3 days to cancel and another doc included by lender stating that they had an extra week besides the 3 days.
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Reply by Sylvia_FL on 8/5/05 9:03am
Msg #57112
Re: Re:RTC
Those with the extra week are usually Ameriquest
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Reply by MB/CA on 8/5/05 8:36am
Msg #57105
Re: Re:RTC
Sounds like you've been counciling the borrowers on when they'll be funded. Not a good idea!Tell them to check with the lender on this subject. You're just their to witness their signatures.
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Reply by Maria Elena/Fl on 8/5/05 8:43am
Msg #57106
RTC
I was only trying to confirm since the RTC form was in blank - no date. Of course I did not told the Borrower the day the funds were available . I told her to contact their Loan officer to verify when she will be receiving the funds .
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Reply by Sylvia_FL on 8/5/05 9:05am
Msg #57114
Re: RTC
But there is nothing to stop us pointing out the "Disbursement date" which is usually on the HUD, but they do need to contact their loan officer with any questions regarding that disbursement date.
If the RTC does not have the dates on it, I usually fill in the dates and have the borrowers initial.
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Reply by PAW_Fl on 8/5/05 9:04am
Msg #57113
You have the RTC information correct. However, the funding date may not be the 9th. Funding is dependent on a lot of things, but it cannot be earlier than the day after the expiration of the RTC. Look on the HUD for the settlement date.
You can't assume that funding would happen the day after the RTC expires (or even the date shown on the HUD) and you certainly cannot tell the borrower that their loan will fund on such-n-such a date. You can tell the borrowers that funding cannot occur until the expiration of the RTC, but that's it. Don't offer a date. Sure as shootin', the borrower won't receive their check when they think it should be there, so the call their broker/LO and guess what they say? "The notary told me I would get my check on the 9th!" Of course, you simply said that funding would occur on the 9th, but, for whatever reason, it may not. So, don't be committal. If the borrowers want to know exactly when they'll get their check, have them call their broker/LO.
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Reply by Maria Elena/ FL on 8/5/05 9:28am
Msg #57119
First of all - There was no HUD , but a Closing Statement - with no date for the disbursement date, otherwise (common sense ) NO DOUBT as to the disbursement date.
I clearly explained to the Borrower that the lender usually sends the $$ to the title company on the day after the rescission day , but maybe the $$ will get to the title company late in the afternoon or the next morning , so , to please contact the loan officer who will contact the title company and confirm the day that she will be receiving the $$, since I am ONLY a Notary Signing agent and after the signing " Little me goes BYE BYE "
I hope I get a 100 from my Teachers and Fellow Notaries ( Aplause , please !! Ha,ha,ha....)
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Reply by Brian/CA on 8/5/05 11:21am
Msg #57136
If asked by borrower, I tell them " it will fund sometime after the RTC has passed" , in this case it will fund after sometime after the 8th. That way the borrower doesn't go screaming to the LO, "The Notary said it would fund on the 9th." We don't know when it will fund.
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