Posted by Juanita Godinez on 5/19/06 2:31pm
Msg #121103

copy of loan docs left for borrower

hello my nane is.. Juanita ....I'am a newbie..please be gentle. First of all I would just like to state that I am familiar with the orange search button. My question is as follows: The copies that are to be left with the borrowers are they signed and intls. as well or would I make copies of docs and send back to borrowers, which does not seem right to me because of the RTC, How would they look over the docs if I don't leave them. So would I have them sign their package as well ? I have not done a loan signing and have actually turned down the oppotunity to do a couple of them due to lack of knowledge in regards to loan docs so if my question seems stupid I apologize. Just to comfort all you veterans out there I will not be running out anytime soon to try and preform any loan signings I still have much to learn. Thanks to all who can help.

Reply by Anonymous on 5/19/06 2:33pm
Msg #121104

You just give them their copy - unsigned. If they want a signed copy, they get that from their loan officer.

Reply by Janlee_MI on 5/19/06 2:54pm
Msg #121110

Normally you just give them copies.

Normally they will not want to sign both sets because of there time and they will complain about signing that many times.

Reply by Jennifer_AZ on 5/19/06 3:14pm
Msg #121114

Juanita: Another good idea is with the Right To Cancel copies in the borrowers stack that you will leave with them, have them sign & leave with them for there copies. That way they have signed copies as required by law and then the other signed copies you can send back to the title/mortgage company.

If you need further assistance or direction and would like some one on one help. I would be more than happy to help. Take a look at my profile and if you like, call me at the number listed on my profile.

Have a great day and I hope what I offered was of assistance to you.

Jennifer Rundall

Reply by dickb/wi on 5/19/06 6:50pm
Msg #121158

the law [respa] does not require the rtc to be signed at the closing...it only requires that each borrower recieve 2 copies......some companies [citi] only have the borrowers initial the copy that goes back...some don't have them do any thing........hope this helps....

Reply by Jennifer_AZ on 5/19/06 7:22pm
Msg #121161

Dick: Actually the law requires they sign that they recieved two copies of the RTC to be exact.

Reply by Missy_Lulu on 5/19/06 9:45pm
Msg #121202

Please see the section on Right of Rescission for government regulations under RESPA for this.

http://mwna.net/logon/ECOA-1003-TILA-RTC.asp?

Reply by Missy_Lulu on 5/19/06 9:48pm
Msg #121203

Oops that's a registered user link. Sorry. Here is the text.
Right of Rescission

In a credit transaction in which a security interest is or will be retained or acquired in a consumer's principal dwelling, each consumer whose ownership is or will be subject to the security interest has the right to rescind the transaction. the lender is required to deliver two copies of the notice of the right to rescind and one copy of the disclosure statement to each consumer entitled to rescind. The notice must be on a separate document that identifies the rescission period on the transaction and must clearly and conspicuously disclose the retention or acquisition of a security interest in the consumer's principal dwelling; the consumer's right to rescind the transaction, and how the consumer may exercise the right to rescind with a form for that purpose, designating the address of the lender's place of business.

In order to exercise the right to rescind, the consumer must notify the creditor of the rescission by mail, telegram or other means of communication. Notice is considered given when mailed, filed for telegraphic transmission, or sent by other means, when delivered to the lender's designated place of business. The consumer may exercise the right to rescind until midnight of the third business day following consummation of the transaction, delivery of the notice of right to rescind, or delivery of all material disclosures whichever occurs last.

When a consumer rescinds a transaction, the security interest giving rise to the right of rescission becomes void and the consumer will no longer be liable for any amount, including the finance charge.

The consumer may modify or waive the right to rescind if the consumer determines that the extension of credit is needed to meet a bona fide personal financial emergency. To modify or waive the right, the consumer must give the lender a dated written statement that describes the emergency, specifically modifies or waives the right to rescind and bears the signature of all the consumers entitled to rescind. Printed forms for this purpose are prohibited.

Reply by Missy_Lulu on 5/19/06 10:27pm
Msg #121208

Actually as I read through regulation Z of the Federal Regulations I find nothing stating that borrowers need to supply a signed copy of receipt. I could be wrong I was skimming, maybe that falls more under lender requirements. I couldn't imagine not getting a copy signed showing they received their copies.

Reply by TitleGalCA on 5/19/06 10:46pm
Msg #121209

Not quite sure what my intro is here, but here goes..

Missy, if I were interested in one of those bodice-ripper novels, I'd hire you in a heartbeat for the artwork. However, if I came upon your profile as a notary, and I'm a signing service or a title company, I'd just have to pass, big time. Just doesn't quite do the job, imo.

I just gotta ask...what's the deal with the sexy, blonde siren? It's not the norm, at best.

If it works for you, hey, you go! Still, for me, wow - so not professional.

Reply by Missy_Lulu on 5/20/06 12:00am
Msg #121217

Re: Not quite sure what my intro is here, but here goes..

TitleGalCA,
I would have to totally agree with you. About a week ago I was feeling real corny, you know, goofy and I added that since I don't have any posed picture of myself to post. Just goofing around. Thanks for the heads-up I'll have to get that off from there.

Reply by John_NorCal on 5/19/06 4:13pm
Msg #121133

Hi Juanita,
See everyone was gentle, weren't they! You might want to look at the Signing Registry for information on loan signings. I've heard that they have an excellent book, etc that can help you in your quest for knowledge. Good luck to you.

Reply by CaliNotary on 5/19/06 4:44pm
Msg #121143

Isn't it amazing?

A person asks a reasonable question that shows that she's done her research and already has some idea of how to do this job, and she gets a quick and informative answer to her quesiton without any attitude.

Yep, it really is that easy.

Reply by Juanita Godinez on 5/20/06 2:01am
Msg #121220

Thank you all for your help n/m