Posted by PB_CA on 4/15/06 11:53am
Msg #113751

RTC question

I have request in the loan package to NOT alter the RTC dates but the dates are incorrect for todays signing. They are April 11, 2006 and April 14, 2006. What would you do. I can't get a hold of anyone at any offices. TIA

Reply by Sign/SealCO on 4/15/06 12:04pm
Msg #113752

its obvious signing didn't happen on the 11th and RTC can't end before it even occurs. Its a no brainer.

Reply by Leon_CO on 4/15/06 12:08pm
Msg #113753

** I have request in the loan package to NOT alter the RTC dates but the dates are incorrect for todays signing. **

In a case like this, federal laws overrule the instructions in the loan package, and you have to make a change. The borrowers are entitled to a RTC date of April 19, 2006. Good luck

Reply by Rachel Dunbar on 4/15/06 12:38pm
Msg #113755

If you have a right to cancel that is not dated for today, you will need to put todays date at the top, and your recession date in the right spot. You initial and your borrowers initial. It is ok to correct the dates.

Reply by PAW on 4/15/06 1:43pm
Msg #113763

I respectfully submit that the signing agent SHOULD NOT initial the changes. ONLY the person or persons named within the document should make and intial any changes to that document.

The notary should only initial any changes they make within the notarial blocks.

Reply by PB_CA on 4/15/06 1:44pm
Msg #113764

I found out that the signing date sets the recession time per Regulation Z & that it shouldn't be a problem following the lenders request. But I'm going to do it both ways and just keep the date changed ones in the file until the end of the recession time and send back the original ones unchanged as per request. That way I'm covered both ways.

Reply by Charles_Ca on 4/15/06 1:46pm
Msg #113765

Recession time? Heck recessions come and recessions go

but the RTC is for rescissions!

Reply by PAW on 4/15/06 2:36pm
Msg #113768

>>> the signing date sets the recession time per Regulation Z <<<

Yes and no. Reg Z states:

The consumer may exercise the right to rescind until midnight of the third business day following the occurrence described in paragraph (a)(1) of this section that gave rise to the right of rescission, delivery of the notice required by paragraph (b) of this section, or delivery of all material disclosures,\36\ whichever occurs last.


99% of the time, this is the day of the signing date, but may be other times, such as when an account is later opened or established in the borrowers name (as in the case of HELOCs and other open ended credit agreements), or the deliverance of all the disclosures as required are provided at a later date.