Posted by Hassan Pater-rov on 12/2/06 7:25pm
Msg #163538

I need help fast please

I am going to a signing tonignt at 9:30. The wife will sign tonignt and the husband will sign Sunday or Monday. How will the dates be on the forms and how the RTC will look like? Each one has his/her RTC.

Reply by Les_CO on 12/2/06 7:30pm
Msg #163541

Simply have 'whomever' sign the docs as required. Notarize as required. Worry about what else ( in the future) happens when it happens.

Reply by Roger_OH on 12/2/06 7:31pm
Msg #163542

I'm sorry, but HOW in the world can you have completed 800 signings and not know this???

Reply by Ernest__CT on 12/2/06 7:55pm
Msg #163551

Roger, I agree.

I am very concerned that the question is being asked by someone who claims to have so much experience. Reading a questioner's Profile before answering the question hadn't occurred to me, but it now seems like a good idea.

It is interesting to read that Maryland licenses Notary Signing Agents. According to the Maryland Secretary of State's Site, Maryland just commissions Notaries Public.

Even considering that English is probably not Hassan Pater-rov's native language, his Web Site needs serious work.

Reply by Lisa Prestegard on 12/2/06 7:34pm
Msg #163543

Are you also signing the hubby?
The RTC dates should obviously reflect the correct date the respective borrower signed.
If the hubby is going to sign the same set of docs a few days later, you will want to add the appropriate language (such as "as to Jane A. Doe only" when notarizing the wifes signature. Whomever notarizes the signature of John B. Doe can do the same... they (or you) can attach a loose ack as to John B Doe only on the date he signed.

As to the dates on the docs, leave them alone... lots of mortgage loans are not date sensitive.

Reply by PAW on 12/2/06 7:35pm
Msg #163544

Dates on docs are whatever is there. Dates on signature lines is the date they sign. Dates in your certificate is the date you take the acknowledgment or give the oath.

Now, the RTC is a bit different. The way I was taught and the way I do it when there is a split signing, is that each individual has their own rescission period. The date in the top section is usually the date the signer signs the disclosure. The expiration date is three business days after the date the signer signs the disclosure. So, in your case, wife's RTC dates would be 12/2 and 12/6 for expiration. Dates for the husband would be 12/3 - 12/6 or 12/4 - 12/7 depending on if he signs on Sunday or Monday.

Reply by Ernest__CT on 12/2/06 7:42pm
Msg #163548

PAW's answer is the best! n/m

Reply by Hassan Pater-rov on 12/3/06 10:50am
Msg #163604

Thank you PAW. You have understood my question and gave the best answer. You reinforsed what I knew from the past experience. You are the MAN.

Reply by BP/WV on 12/2/06 9:15pm
Msg #163562

Rescission BEGINS when the last person has signed!

800 loans and you have never run into that before???

Reply by PAW on 12/2/06 9:44pm
Msg #163564

Re: Rescission BEGINS when the last person has signed!

From the lender's perspective, you are correct. From the borrower's perspective, the rescission begins when they receive their disclosures. Each person who has an interest in the property has their own start and end of rescission. The lender must wait until the end of the last rescission period.

What this means, for example, is that if Signer A signs on the first, their right to rescind expires on the fourth (assuming no Sunday or holidays). If Signer B signs on the fifth, their right to rescind expires on the eighth (again, assuming no Sunday or holidays). Signer A does not have an extended right of rescission past the fourth. The effect this has on the _lender_ is that the rescission period effectively ends after Signer B's expiration.

Reply by Sharon Taylor on 12/2/06 10:01pm
Msg #163566

And when both borrowers sign the same RTC????

I have actually seen a split signing (one party signs and then docs are sent to the next party for his/her signature) where both parties are on the same RTC forms. And the title company hasn't filled in the date of signing or the final date. This presents a conundrum. If you are lucky enough to be the first notary and are printing the docs and not receiving them overnight, then printing extra sets of the RTC and having the first party sign two of them with the appropriate dates filled in, crossing off the second party's name under his/her signature line, giving two completed ones to the first party to keep, and adding 4 unsigned and undated copies to the package that goes to the second notary so he/she can fill in the dates for the second party, cross off the first party's name at the signature lines, and have the second party sign two RTCs so that there are individual signed RTCs for each of the two parties... Whew, what a PITA.
Unfortunately we typically don't realize there are not separate RTCs for each of the parties until we are at the closing table. And too often this occurs when no one at the signing agency, title company or lender is available. Sigh.

Reply by MistarellaFL on 12/3/06 7:30am
Msg #163590

Each borrower should have 2 copies of the RTC

No matter how many signatures are on the form, IMO.
It is important to check the amount of RTC's in the pkg.
I always print out enough for each brw.
There are many lenders out there who only show one RTC in the package before it is printed.
CW comes to mind.
Considering us as professionals, they are expecting us to review the docs and print enough copies to satisfy the RESPA requirement.

Reply by cassiewi on 12/3/06 12:29pm
Msg #163615

I always check too

I had one this friday where the package was sent to borrowers and only 1 RTC in their copies, when I got there. Not much you can do at that point though, right? I made a note of it just in case.