Posted by Blueink_CA on 12/20/05 10:28pm
Msg #83782

RTC- No signature(s) needed

This was a new one for me today. The RTC had no place for signature(s) or initial(s). The only sig line was the "I wish to cancel". How could this have gone from such a critical doc to just another form? Has anyone else seen this?

Reply by christiSocal on 12/20/05 10:33pm
Msg #83784

I've had 1, does make you read and reread to make sure! n/m

Reply by Eugene Tripp on 12/21/05 12:07am
Msg #83797

I had one today like you describe, this was a home equity line of credit.

Reply by Leslie_Mo on 12/21/05 12:45am
Msg #83800

I also had one today. No signature was allowed unless actually cancelling but initials in the lower right hand corner acknowledging receipt of this form were required. There wasn't even an initial line so I drew one in the indicated area to be sure this wasn't omitted at the signing.

Reply by Ilona_OH on 12/21/05 7:05am
Msg #83817

I have had several and they throw me every time.Isn't this too important not to have something there? IMHO

Reply by Rick_NY on 12/21/05 8:05am
Msg #83824

Citibank home equity started with this a couple weeks ago. I got written OK from the t/c's Q/C people.

Makes no sense to me but I am just an obedient soldier.

Reply by PAW_Fl on 12/21/05 12:12pm
Msg #83883

RTC's for HELOC's, especially those without an initial draw, are almost moot. If you don't want the loan, don't make a draw. (Of course, the 'line' still exists, as does the agreement and mortgage, but it is an 'empty' mortgage.)

As far as not having the borrowers/owners sign an RTC, that is strictly a lender's choice. The US Code only states that the borrowers/owners need to be notified and be provided certain disclosures. It doesn't say they have to acknowledge the receipt of those disclosures.

Reply by Rick_NY on 12/21/05 3:21pm
Msg #83928

Paul, what if the HELOC has a 36 month closing cost recapture feature?

> RTC's for HELOC's, especially those without an initial draw, are almost moot. If you don't
> want the loan, don't make a draw. (Of course, the 'line' still exists, as does the agreement
> and mortgage, but it is an 'empty' mortgage.)

Reply by PAW_Fl on 12/21/05 5:37pm
Msg #83946

That fee is usually invoked (for Citi) if you close the account within the three years. If you close the line after the three years, Citi absorbs the costs. Of course, if you exercise the RTC, there is no costs associated with the loan and the mortgage is null and void.

Reply by MonicaFL on 12/21/05 9:09am
Msg #83832

I had one the other day that was peculiar - by that I mean totally different from all the other ones. It had them sign on TOP - just opposite their name. It looked like this:



John Doe
Any Address
Anywhere, USA
_________________________



and then it went on with the RTC instructions. Weird!!!!!!!!

Reply by John_NCal on 12/21/05 1:59pm
Msg #83904

Re: RTC- Had one where they said NOT to initial any....

changes to dates as that would void docs. I emailed them back to confirm and they said that was correct. So I entered dates with no initials. Haven't heard anything back so it must be o.k.

Reply by Anonymous on 12/21/05 10:41pm
Msg #83989

Look near the top

Some such as National City in the upper right side have the borrowers name typed, address and then it says Originator. I always have them sign there. If not, I have them initial and date the document. Better to oversign that one than not. Of course, best practice is to call lender or TC if possible to clarify.