Posted by Tracy_in_CA on 3/15/06 1:15pm
Msg #105284

Date on RTC

Has any of you done a signing and the RTC had a preprinted date for a future date? ALSO, you were told not to change the date to leave it the way it is? Just wondering if this ok to do. First thime this has ever happened to me.

Reply by Kiso on 3/15/06 1:18pm
Msg #105285

If it's a future date, call the ss or tc and ask them if it's okay to change it. Make sure the rest of the documents are not dated for a future date, because you can't backdate anything, obviously. Sometimes if it's just the RTC they allow you to change it but you should call them first to get approval.

Reply by Tracy_in_CA on 3/15/06 1:20pm
Msg #105288

nothing else was predated just the RTC and it was predated three days in advanced?? Not to mention there was not closing instructions and it was 6:30 last night when I did the closing so they were closed. Hopefully I did the right thing! I guess I will find out when they call me!

Reply by Kiso on 3/15/06 1:25pm
Msg #105293

Well, the only date that should be printed three days in advanced is the actual recission date. The date on top that's preprinted should be the date you're signing. I know you know what I'm talking about. Did you change the date or put a note in the package? What TC company was it? I hope it wasn't a CountryWide :| They're extremely PICKY!

Reply by Tracy_in_CA on 3/15/06 1:30pm
Msg #105296

Guess what....it was Countrywide. It wasnt a normal loan. It was an increase to a line of credit so I was in and out in about 15 min. I did change the date because the date of the signing was wrong.....guess I will be getting a call!! They should have made some kind of note telling me NOT TO CHANGE IT! Oh well.....it's done!

Reply by Scott Bayhouse on 3/15/06 5:37pm
Msg #105402

LOL! The comment about Countrywide being picky made me laugh because it's sooooo true. It gets ridiculous sometimes. = )

I'm a funder for countrywide and I have to audit the docs for this very issue. Ok, so here it is coming from a Countrywide employee. You can draw a single line through the pre-printed date and somewhere above or to the side write in the correct date. The borrower(s) must then initial the correction. Strikeovers are NOT acceptable! A single line drawn through the incorrect date is the only way to make a correction so any compliance Nazi can easily see what was there before.

Why they started pre-printing the date baffled me because how many times will the borrower not be able to make it in on the day their docs were drawn? But I have noticed lately they stopped printing that way.

Reply by Tracy_in_CA on 3/16/06 10:23am
Msg #105655

Thank you Scott. that is exactly what I did. The funny thing is, is that the date was three days ahead not three days behind??? go figure!

thanks for you input and advice.

Reply by Scott Bayhouse on 3/16/06 10:43am
Msg #105678

You're welcome Tracy.

The reason the date at the top of the rescission notice was three days ahead was because of the way the dates were entered in the system. Thankfully the pre-printed date idea was short lived because that caused more problems than leaving it up to the escrow officer and/or NSA to do it.

Reply by PAW on 3/15/06 1:28pm
Msg #105294

Which date was predated three days in advance? The expiration date? It's suppose to be. The date in section 1, the transaction date? Was this for a HELOC or RM? It's possible the lender is setting the start date to the date the account is going to be opened. In that case, the expiration date would need to be three (or more) business days after the transaction date.

Reply by Tracy_in_CA on 3/15/06 1:36pm
Msg #105299

I know about the expiration date. It was the date of the signing. I have never seen that before. I have always seen those blank and I fill it in.

Reply by PAW on 3/15/06 2:03pm
Msg #105320

The "transaction date" is not necessarily the date of signing. It may be the date the account is created or opened, which may be sometime in the future. It's just that we're used to the transaction date being the signing date, as that's the way it is on most loans we do.

Of course, all of this is somewhat moot, as the dates, if not specified or not correctly provided, can easily be calculated by following exactly the way Reg Z is worded. And Reg Z would take precedence over any 'error' in the calculations or presentations on the notice.

Reply by Tracy_in_CA on 3/15/06 2:07pm
Msg #105325

thank you for your advice and input

I am new to NotRot and I am thinking that I am going to like it

thanks again.

Reply by PAW on 3/15/06 1:24pm
Msg #105292

The only date of major concern is the expiration date. If it is at least 3 business days from today, it's okay. If it is more than 3 business days, that's okay too, as Reg Z only specifies the minimum it can be. A lender can extend the RTC for as long as they desire.

You may want to make sure the settlement date shown on the HUD is after the expiration date of the RTC. If you notice a disparity, call the title company or lender. This is not something to address with the borrower.