Posted by Anonymous on 3/27/06 11:04pm
Msg #108942

Copies of TIL & 3 day recission

I have a question..... most of the packages that I do state on the TIL and the 3 day recission the borrower copies and the lender copies. However I did a closing last night (Fremont Loan) and none of these docs stated borrower coopy or lender copy. My question is should I leave a signed copy with the borrower always or only when stated? Thank you I appreciate your help.

Reply by Lee/AR on 3/28/06 2:25am
Msg #108972

ALWAYS... it's the Law. Really.

Reply by FlaMac on 3/28/06 6:24am
Msg #108980

When you give the borrower thier set of the docs...

you can take out thier copies of the RTC and have them sign the bottom signature line which states they are aware of the RTC and have received the proper forms. This is in case they decide to cancel; they must have both signature lines signed. Always give the BO the RTC whether instructed or not. If you don't; the loan won't fund and you may be found at fault aka you might not get paid for the signing.

Reply by PAW on 3/28/06 7:33am
Msg #108991

Re: When you give the borrower thier set of the docs...

>>> This is in case they decide to cancel; they must have both signature lines signed. <<<

Huh? Since when does the borrower have to sign 'both' lines (receipt and cancel) on the RTC? Actually, the borrower doesn't even have to return that form. Title 12, Reg Z, simply states that the property owner must notify in writing. It doesn't say they have to use any particular form or what signatures are required on the form.

This is not to say that some lenders instruct the signing agent to ensure the borrowers also sign their copies, but other than that, there is no requirement to do so.

Reply by FlaMac on 3/28/06 9:30am
Msg #109027

It is generally a lender requirement further..

it is always better to be safe than sorry. It is a receipt of notice therefore it is in the BO's best interest to sign it as "received".