Posted by Charm_AL on 3/23/05 2:18pm
Msg #27243

help...

I read on this somewhere, but can't find it and under the gun here. I love when they send the docs to the borrower so I have NO preperation and could have handled all this beforehand.
Just did a refi...co-borrower signed and the docs are shipping to Alaska for Husband to complete, if anyone at the Lenders calls me back and tell me to where and how...love conflicting instructions.
After a disagreement with the lender on when recission starts, I decided to drop it and I told the wife, her recission starts today, his starts the day he signs.
My dilemma...I am notarizing her appearance on today's date on the originals, since they all say Alabama. Should I send blank acks for the Alaskian notary for the Husband or leave it as is?...tia In the return pkg, their are two RTC's I put her dates on one and leave the other blank?

Reply by Charm_AL on 3/23/05 2:34pm
Msg #27247

Re: help...nevermind

heard from them just now...ok the Alaska notary will have her/his own acks, and the recission starts the day the last signer signs...whew. Allllrighty then, on to the next adventure

Reply by Stephanie/CA on 3/23/05 2:37pm
Msg #27248

Charm:

It sounds to me like you've done everything right.
Since you are notarizing the co-borrower's signature today 03/23/05, her RTC will end prior to the husband's RTC date.
The Notary in Alaska will take care of her own certificates, he/she may simply correct the venue on the notarial certificate.
There is no dilemma where you are concerned.
You notarized the co-borrower's signature today, you completed the certificate today - you filled out the co-borrower's RTC.
I just do not see a problem with how you handled the situation.

Reply by Charm_AL on 3/23/05 3:39pm
Msg #27258

thanks Stephanie...it was a first and I can be anal about things lol
It was stated again to me that both signer's recission dates are the same, even tho she signed today. It starts on the last signing date...one form two names, he's signing on the 25th, the end date is the 28th.

Reply by Alabama on 3/23/05 4:23pm
Msg #27263

So what are we saying here? I thought the Rec. time starts after the last person signs and they have 3 days. Or do they have different Rec. Periods? Or does her time extend when he gets the papers signed? I know I could look this up but the post confused me. I guess my brain or what is left of it is not working well today.

Reply by Stephanie/CA on 3/23/05 4:45pm
Msg #27270

It is my understanding that each signer has the 3-day right to recission, regardless of when another person signs documents.

Reply by PAW_Fl on 3/23/05 4:48pm
Msg #27272

According to the Code of Federal Regulations, Title 12, Volume 3, Revised as of January 1, 2002, §226.15, each person gets their own RTC which implies that each person would then have their own rescission period. However, from a lender's point of view, nothing can take place until the last RTC expiration date has been satisfied.

However, it must be noted that the signing date is not necessarily the start of the clock for the first signer.

For example: I did a split signing yesterday. The RTC was dated for 3-22 with an expiration date specified as 3-25. But, the signer did not receive copies of the material disclosures as they were sent to the signer's spouse who will be signing on 3-24. Therefore, the first signer's expiration date becomes 3-28 since one condition for the clock to start ticking is the receipt of the disclosures, regardless of the printed expiration date.

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The term material disclosures means the information that must
be provided to satisfy the requirements in Sec. 226.6 with regard to the
method of determining the finance charge and the balance upon which a
finance charge will be imposed, the annual percentage rate, the amount
or method of determining the amount of any membership or participation
fee that may be imposed as part of the plan, and the payment information
described in Sec. 226.5b(d)(5)(i) and (ii) that is required under
Sec. 226.6(e)(2).
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