Posted by Larry/Ca on 10/24/06 8:50pm
Msg #154777

Quick question

Can you proceed with a signing with the RTC form missing. LO is trying to get one to me but this might not happen.

Thanks, Larry

Reply by Tracey Foughty-Deavers on 10/24/06 9:05pm
Msg #154780

Hi, Larry. It depends on whether the RTC is required for that transaction. If the property is a second home or a rental property, the RTC is not required. Also, it might be possible that the borrower signed a valied RTC waiver. If the RTC is missing on a loan that is required, I believe you can still sign the loan and go back the next day -- however, the 3 day cancellation period does not start until you give the borrower the RTC notice. If the RTC is just never provided, it could be a violation of law.

I've only had one situation like this before. The RTC was left out of the package. Since the docs were delivered to the borrower's home, I didn't have the ability to review the package to catch it before hand. I called the lender to let them know about the situation. I made arrangements for a form to be emailed to me that night, told the borrower about the situation, and made arrangments to meet here at her office the next day. Short of putting that type of plan in effect, I would be hesitant about performing the closing without the RTC being in the package.

Reply by Larry/Ca on 10/24/06 9:24pm
Msg #154782

Thanks Tracey, this signing......

is two hours away and LO cannot get me the RTC tonight so he said I could reschedule for tomorrow, which I did.

Thanks for your input, Larry

Reply by faceynotary on 10/24/06 9:46pm
Msg #154785

Hey Ms. Foughty-Deavers:

I can relate to this question. I have closed an equity loan for a 2nd home borrower this summer. I found it odd to not to have the RTC in the packet. Similar to your story, the docs were sent to the borrower. The woman was very nice about and I told her I would contact her that Monday, as we met over the weekend and the lender's offices were closed.

After confirming with the lender that Monday, she did not need the RTC because the loan was for a second home, and I was then comfortable enough fedexing the package.

We NSA's are very protective, before putting that packet in the mail. We want t make sure every t is crossed and ever i is dotted before sending that packet it. Ofcourse we want repeat business, but more importantly, we want to perform superlative service that reflect on our abilities and competency as NSA's.

Mr. Larry, I am glad you double checked with the LO, and everything worked out. It's best to perform closings without doubts. Doubts can kill the inegrity of our work.

Have a Good Evening.

Miss Savvy Brooklyn NYker...

Reply by MichiganAl on 10/24/06 11:53pm
Msg #154790

RTC waivers are extremely rare

RTC also isn't required on a purchase, on a refi with the same lender you're currently with if you're not borrowing any additional funds, and when a state agency is the creditor. RTC WAIVERS are rare. I've done about 4000 signings, and I've never seen one. RTC can only be waived due to a personal financial emergency such as severe storm damage or if waiting three days would cause you to lose your house.

Reply by CalimnCA on 10/25/06 12:03am
Msg #154791

Here is a link to download a RTC form

http://www.addiemac.org/toolbox.htm

Reply by jojo_MN on 10/25/06 1:17am
Msg #154799

Re: Here is a link to download a RTC form

Watch out for UPL. IMHO

Reply by Chris_OR on 10/25/06 1:17am
Msg #154800

Re: Here is a link to download a RTC form

CalimnCA - I'm wondering - have you actually had a packet which shold have had an RTC and used this instead? If so, What did you enter for the written address the form can be sent to by the borrower to cancel? Don't you worry that doing this exposes you to some type of liability?

Reply by MichiganAl on 10/25/06 1:40am
Msg #154804

Do NOT provide the RTC yourself n/m

Reply by BrendaTx on 10/25/06 6:23am
Msg #154822

Link to download a RTC form - - Wendy - would you

provide the RTC at a signing? I'm just asking.

I would *not.* Period.

Make a copy of the one in the package? - yes.

Make my own RTC? - no.

Reply by Charm_AL on 10/25/06 10:59am
Msg #154857

Re: Here is a link to download a RTC form

not a good idea Calimn, I hope you do not do utilixe this form. There are cases where a RTC does not go with the pkg. We would be praticing UPL by providing one if not in the pkg. The correct thing to do is to call the lender if there is any question on why it wasn't sent in a re-fi situation. Purchases and investments here in AL do not have one. I can't fathom what would happen if I printed one out and gave it to a borrower if they were not given that right. Ouch!

Reply by ReneeK_MI on 10/25/06 5:39am
Msg #154820

Unless you're an FDIC agent ...

To NOTIFY whomever hired you of the missing RTC is within your responsibilities, but to determine whether or not the document is necessary to their specific situation is NOT. To take it one step further (as has been suggested here) and not complete the signing due to a missing RTC (as your OWN determination) is going way beyond your defined area as a notary and a signing agent, even if there IS a recission period. We are not the Loan Vigilante Force, and how a lender chooses to comply with the laws that affect THEM (not US) is their business, not our's. For what it's worth - it's an easy fix for them to provide both the form, and the recission period, AFTER you provide your own service of getting the rest of the docs signed.

Reply by BrendaTx on 10/25/06 6:34am
Msg #154824

Re: Unless you're an FDIC agent ...

**take it one step further (as has been suggested here) and not complete the signing due to a missing RTC (as your OWN determination) is going way beyond your defined area as a notary and a signing agent, even if there IS a recission period. We are not the Loan Vigilante Force,**

Exactly, Renee' - We are not the policemen of paperwork. When I was new...probably my fifth signing, I got a package with no RTC. I called the title company and they were all a flutter about it, also. Then they checked the file and told me I didn't need it.

And, of course, I did not need it. The financing was done as an investment property even though I was going to that address. They were at their second home for the signing. I understand it, now, but then I did not. However, it never, ever crossed my mind not to complete the signing.

It's my opinion that too much "fraud talk" from various large organizations give notaries the idea we are the paper police.

Reply by Larry/Ca on 10/25/06 10:46am
Msg #154855

Thanks all for your......

input on this. The loan DID require a RTC and I was able to get in touch with the LO who didn't want me to go to the signing without it. I will have the RTC today and complete the signing but in the future if this ever happens again and I cannot get in touch with the LO I will not be so concerned and will complete the signing without it.

Thanks All, Larry