Posted by Anonymous on 7/30/05 1:23pm
Msg #55917

Question about doc dates

I have to make an appointment with borrowers in the next hour, but I can't get in touch with the lenders because today is Saturday. The date on most of the documents are dated for the 25th. What should I do? Should I do the signing and leave the dates? Help

Reply by DM/CA on 7/30/05 1:41pm
Msg #55921

It varies from lender to lender, so it's a good idea to check with them if you can. Some lenders require that the docs be signed only on the date printed on the docs, and they will reject docs signed on any other date.

Many lenders accept docs signed after the doc date, so if I were you I would do the signing. You don't need to change the doc date, but of course the signer should sign today's date.

(By the way, never sign docs before the doc date.)

Reply by Anonymous on 7/30/05 1:49pm
Msg #55923

Thank you,
I also noticed that on the Right to Cancel they have the date to cancel as the 28th of July.

Reply by AngelinaAZ on 7/30/05 1:57pm
Msg #55926

Re: IMPORTANT re: RTC

The RTC should be dated CORRECTLY. The date of the transaction should be changed to the date of the signing and initialed by all borrowers. The date of the RTC end period should be adjusted and initialed.

For instance... if signed today... the transaction date would be 07/30/05 and the RTC ends at midnight on 08/03/05. This MUST BE RIGHT.

Reply by Anonymous on 7/30/05 2:59pm
Msg #55944

Re: IMPORTANT re: RTC

Thank you very much!!
I called the borrowers and he is going to contact the lender and find out if we should sign today.

Reply by AngelinaAZ on 7/30/05 3:15pm
Msg #55948

Your welcome... and one more little thing

This is JMO but I would not have asked the borrowers to call the lender and ask if they should sign today or not. By your posts, I'm getting the feeling that you are new at this... if the borrower does not have confidence that you know loan docs enough to know about dates... this could make them lose confidence in their loan. I am not trying to rag... I'm trying to get you to understand that everyone was new at one point... but you don't have to APPEAR like you are new to the borrowers or the LO. I have heard of notaries that say sheepishly to Mr. B... 'this is my 1st loan'. Ohhh my... if you came to sign my loan and said that... I just might show you the door!

You were sent the docs by the Lender and told to sign today... then you sign today. You adjust the dates you need to (like the RTC) and have them sign everything with today's date. I deal with many many lenders that DO NOT have date sensitive docs.

It is good to spot problems and bring them to the Lender's attention... but this... I would not consider a problem.

There is a fine line between being careful and looking stupid... and I say this with the best of intentions. My advice is to read message number 33325 and use lots of resources to beef up on your loan knowledge! Best of luck. Always ask questions if you can't find the answers. I see that you tried to call the LO yourself and that is good... but I would have left it at that and not involved the borrowers.

Reply by AngelinaAZ on 7/30/05 4:12pm
Msg #55959

You're Welcome.... (spelling police) n/m

Reply by Sylvia_FL on 7/30/05 7:14pm
Msg #55997

It isn't uncommon for docs to be dated before the signing date. They are probably not date sensitive.
Just do the signing, change the dates on the RTC and make sure the borrower signs with the correct date (todays date) and notarize for the correct date (todays date)
Do not change any other dates on the document other than the RTC.

Reply by Renee_MI on 7/31/05 5:40am
Msg #56052

Re:a tip for next time

I always read over the Lender's closing instructions because often they will address these common issues, spelling out how they want things done.