Posted by Joshua Basil on 4/18/06 3:37pm
Msg #114272

Am I wrong

I don't know if I am loosing my mind but I read this in a previous post.

"Remember, each signer has their own RTC date computed
based on the date that THEY are signing. "

Now I have handled over 500 split signing and I have never heard of this in my life, Every split signing that has ever come across my desk has had the Transaction date set as the day the first signer signs and the recession date has been left open until the last signing sign. The first signing will have three days from the date the last signer signs.

Is it possible from my Recession to have passes and the loan is still waiting to be signed by a spouse?... Or was the previous poster putting incorrect information out there for everyone to read?

Please advise

Reply by Charm_AL on 4/18/06 3:47pm
Msg #114275

the first signer has their recission period, the second has theirs. If dated (for the first one), 1st of May and the second signer's ends on the 3rd of May, the first borrower's rescission is up at midnight of the first. The second's is up at midnight of the 3rd. Technically the first borrower cannot rescind after their date, although the second one can.

Reply by Charm_AL on 4/18/06 3:49pm
Msg #114276

that means that the second one has til the 3rd to cancel, whereas the first one has passed the recission period after midnight of the 1st.
Hope that made sense!

Reply by Joshua Basil on 4/18/06 4:40pm
Msg #114294


Hmm it must be deferent from lender to lender I'm really glad to know this and thank you for the clarification.

If any of you out there ever do a split for GMAC dba DiTech be aware that they will only have one recession date and it will be based on whenever the last signing takes place if this results in the first signer having a 20 day recession period so be it they always leave their splits signing open until the last person signs.

Reply by whitesatin on 4/18/06 5:23pm
Msg #114300

Actually, that makes sense, since the loan wouldn't be able to close until after BOTH borrower's sign.

Reply by Janlee_MI on 4/18/06 5:32pm
Msg #114306

Recission

Normally Lenders use last signers date as the beginning of the recission peroid.

Reply by VERONICA DESCHANEAU on 4/18/06 7:45pm
Msg #114336

I think an office supervisor for a nation-wide signing service should know the correct spelling of rescission.

I am not being sarcastic; I just think one in your position should know that. I know I spell many words incorrectly, and my grammar may not be up to par, I just feel it is an important word to know.

Reply by Joshua Basil on 4/18/06 8:02pm
Msg #114341

Sorry for the spelling error I was in a hurry so I used Spell Check instead of proof reading....I am only human.

Reply by BrendaTx on 4/18/06 8:53pm
Msg #114347

Rescission is hard for me to remember how to spell.

Finally, sick of looking it up I said "This is lidicurous! I have to learn this!"

I figured out it is like re-scissors except that it is re-scission.

Reply by PAW on 4/19/06 7:20am
Msg #114399

Re: Am I wrong - sort of

Each person gets a rescission period as defined by Reg Z, when they receive the proper disclosures. As Charm said, the first signer's period could technically end prior to the second signer's period ending or even starting.

But, from the LENDER's perspective, nothing can be done until all rescission periods have expired. That is, the lender cannot fund and disburse until the last signer's rescission period ends. And since an act of cancellation by one owner effects all owners, the first signer effectively has until the expiration of the last signer's rescission period, though the lender would not have to honor that request in the strictest sense of Reg Z.