Posted by CaSigner on 9/3/05 1:31pm
Msg #63641

RTC - plus confirmation certificate

I have a HSBC closing in which after the RTC page is a "Conformation certificate" which states: "Do not sign until three business days have elapsed...". The borrowers names are highlighted but do I have them sing this? The RTC is dated correctly with todays date and the RTC date will be the 8th.

Reply by Roger_OH on 9/3/05 3:00pm
Msg #63647

Have borrowers initial the return package copy of the confirmation to show they saw and understand it. On the 9th, they need to sign their copy of the confirmation that they are NOT going to cancel and fax it to their LO.

Reply by CaSigner on 9/3/05 3:24pm
Msg #63648

Well I had them sign, but not date, all four copies I saw in the package to be returned. I hope they had copies in their package. I didn't even look. The TC said just to have them sign but not date. She said nothing about leaving them any of my four copies. Hmmmm.

Reply by Roger_OH on 9/3/05 3:50pm
Msg #63650

The purpose of that doc is for them to confirm in writing that they know the RTC period has passed and it is their intent to proceed with the loan. They should NOT sign (which is saying they want to proceed) it until the RTC period has passed and they are sure they indeed WANT to proceed; THEN they sign, date, and fax it back the day after the RTC is over.

If the package is returned with that doc already signed, an unscrupulous lender can merely
add the date and say the borrowers confirmed with them. Then where does that leave you for having them sign it?

Reply by CaSigner on 9/3/05 6:03pm
Msg #63655

So why would the pages be in the package to return and not just in the borrowers copies? I called Trans Union and she said just to have them sign the pages and return. Hmmm once again.

Reply by Charles_CA on 9/3/05 8:37pm
Msg #63672

A little common sense would help this. If the certificate is for the purpose of assuring the lender that the borrowers intend to proceed after the three day right to recission has passed then obviously you would not have them sign it until the recission period has passed. One of the charges the notary has is to prevent fraud not to abet it.

Reply by Roger_OH on 9/3/05 11:36pm
Msg #63692

Whate he said - plus...

The docs are in the signing package so that you will bring them to the borrower's attention and ensure they know what to do with them at the end of the RTC. Why would you think they should be signed and sent back when the RTC hasn't passed and their purpose hasn't been met??

Reply by CaSigner on 9/4/05 3:34pm
Msg #63713

Re: Whate he said - plus...

I found someone in CA who knows the correct answer. Thank you to those who replied.

Reply by JanetK_CA on 9/4/05 5:13pm
Msg #63716

Re: Whate he said - plus...

I've seen a few packages recently like that. Someone (presumably the lender) had actually attached a sticky note specifically asking to have the borrower sign, but not date that doc. I couldn't believe it! Pretty nervy, in my opinion. (Wish I could remember whose it was!) I just made sure the borrowers understood what the document was for and left it up to them whether or not to sign it. I believe all but one have declined to do so. I just attach a note to the package indicating that the borrowers did not want to sign that doc until their rescission period had actually expired.

Reply by CaSigner on 9/4/05 8:05pm
Msg #63724

Where there also copies in the borrower's packet?

Or where you to leave them a copy from the packet to be returned?