Posted by Anonymous on 9/14/05 6:22am
Msg #65075

RTC

First let me say that I am not a rookie, just made a honest mistake.
Had a closing yesterday which was a first and a second. The RTC needed to be filled in on the first and corrected on the second which I did on the lender docs and had the borrower initial the changes. I forgot to make the changes on the borrowers copies, so when I got home last night I called the borrower and told her to make the changes. My question is would you follow up with the borrower and ask her if she made the changes or what?

Reply by OnTheGoInFla on 9/14/05 6:59am
Msg #65078

I don't know the answer for your state, please log in. In Florida, we have to leave 2 SIGNED copies with the borrower. Were the copies you left signed? If you still have the docs I would make copies with correct dates and drop off to borrower. Hopefully it's not too far.
This is just what I would do...

Reply by PAW_Fl on 9/14/05 10:52am
Msg #65147

Marina, can you please direct me to the statute or documented state procedure or policy that states that we must leave two SIGNED copies with the borrower(s). As far as I'm aware, the rules and regulations surrounding the RTC is governed by Federal statute, particularly, Title 12 CFR, which states:

"In any transaction or occurrence subject to rescission, a creditor shall deliver two copies of the notice of the right to rescind to each consumer entitled to rescind (one copy to each if the notice is delivered by electronic communication as provided in Sec. 226.36(b))."

There is nothing that I am aware of that says that the copies of the notice need to be signed. AAMOF, there are many lenders who do not get signed copies of the notice, some only get initials. Granted, most get a signed original showing acknowledgment of receipt.

Reply by Ted_MI on 9/14/05 7:37am
Msg #65086

Hi Anon,

First let me say if you indeed made a mistake I don't think you really made that big of a mistake in the larger scheme of things. And you took actions to rectify the situation. Nope, I would not call her to follow up. Borrowers have to take some responsibility.

Reply by hcampersFL on 9/14/05 7:44am
Msg #65087

Are you sure about leaving signed copies being a requirement in Florida? News to me.
Beverly

Reply by Art_MD on 9/14/05 7:51am
Msg #65090

Re: RTC - federal law - not state ?

Can't understand how FL requires 2 signed copies be left with borrower. Must be a state addition to fed law.
When the borrower signs the RTC, he acknowledges receiving 2 copies. Says nothing about signed. Also, and maybe PAW will chime in, I don't even know if the borrower, under federal law, has to sign for the copies. I think signing for the copies is something that has come about due to the TC/Lender wanting to cover their "south end of a north bound mule".

Art

Reply by Sylvia_FL on 9/14/05 8:45am
Msg #65104

Re: RTC - federal law - not state ?

No, Florida does not have a law regarding leaving signed copies of the RTC.

Some of the RTC's the borrowers are signing that they are receiving two completed copies each (or words to that effect). I always have the borrowers sign their copies.
Ditech requires the borrowers copies to be signed (I never forget that, as when I first started doing signings I did some Ditechs, and on the first one I did, they had me go back out to the borrowers - in the next county - as I didn't have the borrower sign her copies, and I had to go back out and watch her sign them! Ridiculous!

Reply by LilyMD on 9/14/05 9:04am
Msg #65109

Re: RTC - I agree with both!

I agree with Art but pretty much do the same as Sylvia. Why? Some TC's prefer it! I guess this was born of notaries not knowing their job. So, I not only have them sign the TC copies, but theirs too.

Reply by PAW_Fl on 9/14/05 10:55am
Msg #65149

Re: RTC - federal law - not state ?

See Msg #65147