Posted by BarbaraL_CA on 7/31/06 6:52pm
Msg #136365

RTC Question

Believe it or not, never ran across this situation before...

Had a no-sign on Friday and borrower already signed and dated RTC. Going back tonight to sign same docs. Borrower couldn't resolve issues with LO Friday, but talked today and is going to sign them this evening. No changes in docs. (ok with me, SS pays no-sign + full fee )

Question - RTC has 3 choices for date. (whichever occurs last).
Date of Transaction
Date you receive TIL
Date you receive this notice of RTC

I am printing new RTC's for her to sign, and it just seems obvious to me that today's date would be put where it says "Date you receive this notice of RTC", just want to verify with someone that I write todays date there, not where it says "Date of Transaction".

Right?

Reply by Ndwa on 7/31/06 6:56pm
Msg #136366

It would be today's date as the previous date is null due to their refusal.

Reply by BarbaraL_CA on 7/31/06 7:01pm
Msg #136368

What I'm asking (I think - bear with me, it' s Monday) is do I write today's date as the transaction date, or do I write it next to the option that says "date of this RTC" and leave the transaction date blank?

Reply by Lee/AR on 7/31/06 7:13pm
Msg #136375

Right!

New docs; new day; they always get 3 days to cancel. Federal Law.

Reply by Sylvia_FL on 7/31/06 7:15pm
Msg #136378

Barbara
Are you talking about the verbage near the beginning of the form where it lists those options?
If so, ignore that, and just have the borrowers date their signature - and where it has the spaces for the beginning and ending of the RTC make sure the correct dates are filled in.

Reply by CopperheadVA on 7/31/06 8:56pm
Msg #136408

If you are changing pre-printed dates on the RTC, you should also have the borrowers initial next to each of the new dates.