Posted by AppearB4Me on 1/2/05 6:39pm
Msg #15240

2 RTC signatures, 2 dates...

If two borrowers signed RTC one day apart from each other, how do you calculate recission date?

Reply by BrendaTX on 1/2/05 6:49pm
Msg #15243

In the two situations I have had this happen over the past year since I have been handling loan documents, the date reflected the date that the last signature would be placed.

However, I have NO source to cite except that is what I was told to do by the SS in one case, and the title company in the other.

So, I disclaim having any credible knowledge of this and only wish to share this as an experience of mine.

Reply by PAW Notary Services on 1/2/05 7:04pm
Msg #15244

According to Title 12, Part 226--Truth in Lending (aka Regulation Z), the RTC is enforceable on a per signer basis. That is, for each individual who gets an RTC, the Regulation for figuring the expiration date must be followed independently of any other signer. That is, if Signer A receives all documents as required, and signs on 1/3, then their expiration date is 1/6. If Signer B receives all documents as required and signs on 1/4, then their expiration date is 1/7.

Whenever there is a split signing and the RTC reflects BOTH names, I make a copy of the RTC so each can sign one on the day they are signing it, changing the expiration date as necessary.

Reply by BrendaTX on 1/2/05 7:22pm
Msg #15246

This is a keeper.

You might be interested to know that the title company that hired me for one of these was a Florida co. and it was a HELOC. The other was a refi through an SS in Ca.--in this instance, they sent me back to have it corrected to reflect and have initialed what we now know was the incorrect date.

Paul...
Now that we know the truth...since you have some experience with both lenders and title companies, what should the notary do in the case of being given the wrong date to input by those that hire us?

Reply by BrendaTX on 1/2/05 7:24pm
Msg #15247

I stated in the above post...*they sent me back to have it corrected to reflect and have initialed what we now know was the incorrect date. * It was when I first started and it was a company that required all notary pages, the TIL and the RTC faxed in for QC.

Reply by PAW Notary Services on 1/2/05 9:00pm
Msg #15257

>>> what should the notary do in the case of being given the wrong date to input by those that hire us? <<<

Technically we are not responsible for the content of documents, so if you were told "false" information, then be sure to document it. However, we also should not be a party to falsifying documents, so you must make it clear to those that hire us what you think the proper date is if you feel they are in error. Then, through discussion, the proper and acceptable date for the RTC expiration can be reached, not by your decision alone.

Also remember, that some lenders allow for extended expiration (Ameriquest, for example) dating. So if the date is more than the 3-days required, so be it. If it is less than, you need to discuss it with the SS/title company that hired you.

Reply by BrendaTX on 1/2/05 9:31pm
Msg #15261

*then be sure to document it. *

By that you would probably mean not necessarily keep a copy of something, but to write down who told us what and what their reasoning was.

Thanks, Paul.

Reply by AppearB4Me on 1/2/05 8:00pm
Msg #15250

GOTCHA...Thanks