Posted by peterole_MN on 2/21/05 5:56pm
Msg #21705

RESCISION DATE AND NRCC

IF ONE BORROWER SIGNS THEIR DOCUMENTS ON THE 10TH AND THE SECOND BORROWER SIGNS ON THE 12TH, WHICH DATE DETERMINES WHEN THE 3 DAY RESCISION PERIOD BEGINS? AND, WHAT DOES N.R.C.C. MEAN AND ON WHICH DOC WOULD YOU FIND IT? I AM TAKING A POORLY WRITTEN "NOTARY SKILLS TEST" FOR THE HONOR OF BEING LISTED IN A COMPANY'S DATA BASE AND THEN IF I SIGN FOR THEM, GET PAID A LOW FEE. WHAT A DEAL!

Reply by John_NorCal on 2/21/05 6:11pm
Msg #21706

For NRCC look at message 7932. For recission date count from the last signature

Reply by peterole_MN on 2/21/05 6:38pm
Msg #21708

THANX. THAT WAS SPEEDY RESPONSE.

Reply by PAW_Fl on 2/21/05 6:51pm
Msg #21710

Not quite. From the lender's perspective, the expiration of the RTC is at the end of the last signed RTC. However, each signer individually and separately get their own RTC, as per Title 12 USC. So the first signer gets a start/signature date of the 10th and an expiration date three days later, or the 13th (assuming no Sundays or holidays). The second borrower would have a start/signature date of the 12th and an expiration date three days later, or the 15th (again assuming no Sundays or holidays). The RTC must be calculated individually. However the effect to the lender is the last expiration date of all the signers.

Reply by John_NorCal on 2/21/05 9:21pm
Msg #21731

True. Since the loan can't be apportioned, there is no choice but to have the recission effective from the date of the last signer.

Reply by Ted_MI on 2/21/05 9:46pm
Msg #21735

Peterole,

And I trust that you are aware that either of the two signers can trigger the rescission.

Reply by Ernest_CT on 2/21/05 10:24pm
Msg #21746

OK, so what do the two notaries public do ...

... when the two borrowers sign at different times? Usually there's one notorial block.

Reply by CaliNotary on 2/21/05 10:26pm
Msg #21747

Re: OK, so what do the two notaries public do ...

The second notary simply attaches a loose acknowledgement or jurat.

Reply by BrendaTX on 2/22/05 6:40am
Msg #21764

2 signers/2 states & Misc. Incorrect Notarizations

I had an eye opener as to why our instructions often sound as if they are "preaching" to children--but at the same time as to why notaries don't have a good attitude.

Did an out of state HELOC here where Borrower's wife signed first in the other state.

Notary certificates had both borrowers' names on it. First notary signed each and did not correct as to signer name (ie, strike husband's name). Then, the notary left seal off of three certificates.

I attached ack/jurat certificates as to who appeared before me before I went to signing and completed them at signing.

After the job was done, I tried to tell the title company there was a problem on the certificates and they just kept telling me to attach a jurat/ack for the signer before me. Already had, but they would not listen long enough to understand that they were going to get back a package with incomplete notarial work. I gave up.

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Another job: Went to last minute signing appointment. It was for a mfg home purchase. Sales lot manager was nice guy and I felt pretty good about it all. Except...when I got ready to leave, we were chatting and he told me that the "other" notary did not show up and he was going to have to forward the papers to a notary at a title company who knew him and said they would notarize all the papers for him if a notary did not come to notarize docs for him.

Reply by ERNA_CA on 2/22/05 1:52pm
Msg #21814

I am waiting for the " TURN THE CAPS OFF " command.