Posted by Laura_NH on 5/18/05 9:00pm
Msg #38898

question on RTC/funding for loan

Question for some of the more experienced notaries.....
With the RTC being 3 days, and sometimes a week for an Ameriquest loan, am i correct in thinking that the loan cannot be funded until after the last day of the RTC? And if that is true, why do the ss co's get so panicky when you do a signing on a Friday or Saturday night and cannot get the docs out til Mon? Thanks, laura

Reply by Nancy in Florida on 5/18/05 9:16pm
Msg #38902

This is how RTC works: If you have a signing today, May 18th, the last date to rescind would be on Saturday May, 21st. Funding would than take place on Monday, May 23rd.

The SS may get panicky if we are sending the packages back to the title companies and they in turn need to get the docs to the lender. Some lenders will not fund the loan until they get the docs and they are reviewed for accuracy.

Reply by Anon on 5/18/05 9:47pm
Msg #38905

I thought Saturdays and Holidays didnt count when determining the rescission date

Reply by Sylvia_FL on 5/18/05 9:50pm
Msg #38906

Saturdays do count!

There used to be one or two companies that didn't count Saturday.

Reply by TN Notary on 5/19/05 8:04am
Msg #38959

Saturday does count. It is Sunday's and holidays.

Reply by Mysti_FL on 5/19/05 7:46pm
Msg #39123

When I first started doing this work, I also thought Saturdays didn't count. Guess where I learned to be a signing agent???? NNA Seminar!!

Mysti

Reply by Becca/FL on 5/18/05 11:43pm
Msg #38928

AND some lenders require certain docs faxed back to them 24-48hrs B4 sending funds to the TC to fund the loan.

The sooner I can get things off my desk the better. I send docs off ASAP.