Posted by SoCalMisty on 8/26/05 2:55pm
Msg #62039

Right to Recission

So problem. Lender calls says that the right to recission date was printed wrong on the paperwork and tells me that it should have been changed by me. This was overlooked during my 2 1/2 hour stretch with this signer. Is this really my fault? I have never had this problem ever ever ever before.

Reply by Charm_AL on 8/26/05 2:57pm
Msg #62041

Happened to me, I lined thru and wrote right date and initialed. Never got a call

Reply by SoCalMisty on 8/26/05 3:00pm
Msg #62044

I completely didnt notice and now I am getting phone calls. And this was a nightmare signing. My thing is that yea ok maybe I should have caught it but who was it doing their job wrong in the first place who put the wrong date on there? Now I have to sit and listen to this lender like its my fault flat out that it happened?

Reply by Paul2_FL on 8/26/05 3:11pm
Msg #62045

I think you have to bite the bullet on this one. I can understand the overlook and maybe whoever put the date in wrong is at fault but one of the things that is constantly drilled into us with these signings is that the RTC dates have to be correct. So, it was up to you to check the dates on the RTC to make sure they matched the signing date. (IMHO)

Reply by NorCalDar on 8/26/05 3:14pm
Msg #62046

I understand why one would be confused as to how to handle the RTC. Seems like every lender has a different take on the issue.

If the RTC is already dated AND the date does not match the date that the RTC is signed, I always call the TC or SS and get clarification on how they want to proceed.

The way the RTC is worded, it leaves a great deal of room for interpretation. Seems to me, that if the original "transaction date" is defined as when the documents were drawn, that it wouldn't matter whether or not the inserted date on the RTC transaction date was the same day as the signing or not as long as it matches the date on the DOT. After all, by definition, the RTC takes effect on the last of the three events to have occurred
(1. Transaction Date
(2. 2. Date borrower received TIL or
(3. Date borrower received this notice or right to cancel). However, it the transaction date is defined as the date of the signing of the DOT, then if that date does not match the date of the RTC, one would have to have the borrower line out the RTD date and initial the change.

Anyone know what the true definition of "transaction date" is?

Reply by Bonnie_CO on 8/26/05 3:33pm
Msg #62053

Re: transaction date=date signed

The transaction date is the date the paper is signed. Nearly all the time the DOT is signed the same day as the RTC, at least in my experience it has been...JMO

Reply by tidarod on 8/27/05 2:19am
Msg #62153

It is my understanding that it is our responsibility. Usually the date is when the docs were drawn, but that doesn't have to be the date when they are signed. I always check both dates to make sure they are correct and have the borrowers inital next to them so they know what the dates mean. Sometime we have to learn the hard way. The RTD wasn't my issue. instead it was the AKA Statement. Hope everything works out.

For future reference there is a RTD calendar on this site. Not sure where I found it ( I just stumbled on to it) but I printed it out and taped it on the back on my book.

Reply by PAW_Fl on 8/27/05 3:38pm
Msg #62226

From my experience (employed by a major lender in a previous life) and having worked with title closings, the "transaction date" is defined as the date of execution. That is, the date the documents are signed (executed) by the signer/borrower. Some RTC's, especially those for lines of credit, don't list the date as a transaction date, but as the "date the account was opened or established", which still corresponds to the date of execution.

Reply by Sara_NV on 8/26/05 3:33pm
Msg #62052

Yes, it IS your fault...

correcting the dates on the RTC are one of our responsibilities. But I'll bet you'll never make this mistake again

Reply by Anne Arnold on 8/26/05 3:53pm
Msg #62056

Re: Yes, it IS your fault...

Sorry to have to agree, but it really is our responsibility to check the RTC to make sure the dates are correct. That's one of the top mistakes made by notaries, I've been told. I carry a rescission calendar with me and always double check to make sure my dates are correct.

I would say at least 75% of the time the dates on the RTC are wrong when I receive the docs and I have to change them and have the borrower initial the changes.

Anyway, if you're like me, you'll learn from this mistake and never make it again! Don't sweat it.

Anne

Reply by CaliNotary on 8/26/05 4:32pm
Msg #62059

Re: Yes, it IS your fault...

"Sorry to have to agree, but it really is our responsibility to check the RTC to make sure the dates are correct. That's one of the top mistakes made by notaries, I've been told."

Exactly. This is why a person with a notary stamp is not necessarily qualified to be a signing agent.

Reply by Nd_WA on 8/26/05 7:33pm
Msg #62092

Re: Yes, it IS your fault...

Believe it or not, this is the #1 complaint on TC's list.

Reply by Glenn_CA on 8/27/05 1:08am
Msg #62138

Re: Yes, it IS your fault...

RTC is the first doc I have signed. If you do it first and carefully to over the dates, then the rest of the signing goes much smoother. It also cuts down on readers if they know that the signing isn't final until after the RTC period and they have the 3 days to go over it.

Reply by PAW_Fl on 8/27/05 3:46pm
Msg #62227

Re: Yes, it IS your fault...

>>> That's one of the top mistakes made by notaries ... <<<

It's not the notary that made the mistake. It is the Signing Agent that made the mistake. The reason I make the difference is that your Notary E&O Insurance will not cover you for mistakes made when you wear your Signing Agent hat.

For example: If you made a mistake on the RTC that allowed the consumer to cancel after the actual RTC expiration, the lender may hold you, the Signing Agent, liable for damages and costs. Your notary insurance will not cover you for this error.

Reply by taxpro on 8/27/05 5:57pm
Msg #62245

Re: Yes, it IS your fault...

That's scary. Scary enough to make sure the RTC is dated correctly, initialed and signed, and enough copies left with borrowers. Do most signing agents have the borrowers sign and initial the borrower's copies? In the beginning, I didn't. I didn't even look at the borrower's copy package, I just handed it to them after the signing. Soon, someone told me that was a bad idea. Now I have them sign their copies of the RTC, and initial the dates if I had to write them in or change them. In fact, before leaving for the signing, I pull them out of the borrower's copy package and put them in the with lender's package. That's when I make sure there are enough copies. Then, after they sign all the RTCs, I put their copies back in their package, telling them that's what I'm doing. They aren't left with any blank, undated, or unsigned RTCs.