Posted by Stamper_WI on 2/21/06 9:43pm
Msg #98813

Question 1 RTC

Have any of you gotten a citibank HELOC with the RTC with no signature spacefor the day of the signing? The Cancel signature line was there. How can you not have it signed...it initiates the 3 day recission!

Reply by O/Cnotary on 2/21/06 9:47pm
Msg #98815

Yes, did a National City today, no place for sigs or initial

just be sure there are 2 copies for each signer to keep for their records and to have in the event they do cancel.

Reply by PAW on 2/21/06 9:54pm
Msg #98816

No requirement for signature

Title 12 - Reg Z does not stipulate that the borrower/owner needs to acknowledge receipt of the notice and disclosures. It only states what must be provided to the borrower/owner. It is up to the lender to decide if an acknowledgment of receipt would be required, either as a signature on a copy of the notice, initials on a copy of the notice or some other document that states the borrower/owner received their copies.

It is the delivery of the notification and disclosures that initiate the rescission period. Not the acknowledgment of receipt.

Reply by Stamper_WI on 2/21/06 9:56pm
Msg #98818

Re: No requirement for signature

Thanks...I had never seen that before!

Reply by PAW on 2/22/06 7:40am
Msg #98833

Read Reg Z

You can get a copy of Reg Z at http://pawnotary.com/download/12CFR226.15.txt

You can also download the commentary about holidays at http://pawnotary.com/download/12CFR226%20Commentary.txt

Reply by Bob_Chicago on 2/21/06 11:06pm
Msg #98823

Catch all receipt

New Citibank HELOC pkg has a doc that acknowledges receipt by bwr
or 2 RTC and certain other dox
Usually first doc in pkg

Reply by Janlee_MI on 2/22/06 8:06am
Msg #98839

Intials the bottom of the document.

I would have the borrower place intials on the bottom of the document.

Reply by Beth/MD on 2/22/06 8:07am
Msg #98843

Re: Intials the bottom of the document.

On pages like this, I have the borrower initial at the bottom. It's a protective measure for them and me.

Reply by PAW on 2/22/06 8:56am
Msg #98854

Re: Intials the bottom of the document.

If the lender wants initials, they'll let you know either by direction or by including an "initial" line. Some lenders are really picky about their documents and don't want any marks on them unless they need to be there, like extraneous initials. Therefore, I don't have the borrowers initial anything unless specifically directed to do so.