Posted by Bob_Chicago on 12/8/05 11:00am
Msg #81143
Holiday period recission- Follow up
This is not in any way to be interpreted as criticizing
Paul, but although he may be correct per regulations
regarding "holiday status" of 12-26-05 and 1-2-06, many lenders
are considering those days to ,in fact , be "holidays" and NOT
count for recission purposes.
I am looking at a recission schedule for a large lender( hint-
look at portrait on $1 bill) and the feeling is M----L) which shows both 12-26 and 1-2 as not
counting in computing 3 day RTC
12- 24 signing 12-29 last RTC date,
12- 31 signing 1-5-06 last RTC date
As stated, if the Lenders time is LONGER than the computed
time per regs, use the lenders computation.
NEVER shorten an RTC period as computed by lender.
Remember the Golden rule," the one with the Gold makes the Rules"
Happy Holidays, Christmas, Hanucakka, Kwanza, Ramadan and Winter Solstace
( I think that covers everybody for PC purposes)
to all
| Reply by Jenny_CA on 12/8/05 11:07am
Msg #81144
Re:LOL, it's not Hanucakka.....
Perhaps you meant Hanukkah or Chanukah. Sorry, I couldn't pass this one up. :-)
| Reply by Bob_Chicago on 12/8/05 11:20am
Msg #81146
Re: Re:LOL, it's not Hanucakka.....
So far as I know , there is no "official"
English spelling, but I will be happy to adopt your
version.
As an aside, I understand that it is physically impossible
for certain folks to properly pronounce the
"ch" sound in either Chanukah or Touchas
| Reply by Jenny_CA on 12/8/05 11:57am
Msg #81159
Re: Re:LOL, it's not Hanucakka.....
I have a mild lisp, and often mix the sh and ch in the English language.
BTW, many months later I want to tell you that I enjoyed your presentation at the NNA convention this summer. I kept the business card you gave me in my business card holder.
| Reply by Anonymous on 12/8/05 11:50am
Msg #81154
Good Tip thanks.
| Reply by Anonymous on 12/8/05 12:53pm
Msg #81179
12/26 and 1/2
I was just told by a law firm/title co that they believe 12/26 and 1/2 are business days and will be included in the recission period. I guess will will have to wait and see what dates the banks use on the NORTC.
| Reply by PAW_Fl on 12/8/05 5:34pm
Msg #81257
Re: 12/26 and 1/2
Don't always believe what someone tells you.  However, in this case, they are right.
Okay, here's the facts that only the Federal Holidays themselves, not the observed holidays, do not count as rescission dates.
December 26, 2005 and January 2, 2006, are not considered holidays even though the Federal Government will be treating these days as a holiday for pay and leave purposes. The following excerpt is from the Compliance Headquarters
http://www.complianceheadquarters.com/Res__Real_Estate/RRE_Q_A_Archive/tila_right_of_rescission_2002.html
Question: How did the latest Reg Z Commentary change the right of rescission rules?
Answer: The newly announced revisions to the Reg Z Commentary did not change any right of rescission rules, but simply clarified one technical aspect of the right of rescission rules.
As you know, when the right of rescission applies, consumers have the right to cancel the transaction until midnight of the third business day following consummation or the delivery of certain disclosures, whichever occurs last. A "business day" includes every calendar day except Sundays and federal holidays listed by federal statute. The statute identifies four of these holidays by date [New Year's Day (January 1), Independence Day (July 4), Veterans Day (November 11) and Christmas Day (December 25).] When one of these four date-specific federal holidays fell on a weekend and the federal government and other institutions were closed in observance of the holiday on either the preceding Friday or the following Monday, many were confused about whether the Friday or Monday was a "business day" for right of rescission purposes. The new Commentary clarifies that the Friday before or the Monday following a date-specific federal holiday is a business day (and counts against the time a consumer has the right to rescind) even if government and other offices are closed in observance of the holiday.
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