Posted by Ndwa on 7/23/06 6:02am
Msg #134822
Incorrect Ameriquest RTC confirmed
Thought I'd share this as future reference should anyone run accross this issue. This is for an AMC closing on Thursday 7/20. I had the federal RTC form ends on Monday 7/24, but escrow officer wanted it change to 7/26 since that is when AMC one week cancelation ended. Below is my email exchange with the EO after docs faxed for review before shipping.
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EO: Please correct the Right to Cancel date before sending, the correct date is midnight of 7/26/06.
Me: Unless AMC standard has changed that I'm not aware of, but the federal RTC form has always been dated with the 3 days standard, which is in this case. And, AMC's one week cancelation period would superceed the federal standard. This is the first for me in over 100 AMC loans I signed, please advised.
EO: Andy, you are absolutely correct. I have verified with Ameriquest that they wish to have the 3 day rec. info on this particular document. Thank you for your help.
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Ameriquest now required fax back much like Countrywide. This was an 80 miles RT and I wasn't ready to be one associated with the cause(s) for this new (fax back) requirement from AMC. Also, I would have to forgo my fee had I made the change without questioning b/c of my error free commitment.
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