Posted by bfd110_IN on 5/14/07 9:21am
Msg #190039

Why would a lender include a RTC

in the package with strict instructions not to date it when it is an investment property? An investment property would not have a RTC, soo why include it in the overnight packerage with the RTC in it with sticky notes over the dates. But it is in the package soo I guess I will pull the new NNA trained notary and state " I dont know what it is, I am here to just tell you where to sign."

Reply by OR on 5/14/07 9:26am
Msg #190040

Re: What are you trying to say? n/m

Reply by MistarellaFL on 5/14/07 9:34am
Msg #190042

Many lenders use the same computer program for investment refis and primary residence refis.
Most take it out when overnighting, or with e-docs give a friendly reminder it is not applicable.
Just faghettabout it.

Reply by Sylvia_FL on 5/14/07 9:38am
Msg #190043

Even though some loans do not require an RTC, the lender can choose to give one

Reply by Rachel Overstreet on 5/14/07 10:09am
Msg #190047

there could be a possible mistake on the docs generated. Typcially the processor sending the docs should mark in the software if it's actually a RTC loan and if they don't mark no then the RTC will be generated. Or if they aren't paying attention they'll put in the closing date and a recission date and this will generate a RTC. It's easy enough when working for a lender to overlook the NOO and all you see is refi and put in RTC dates. But the docs are not correct. For our job the correct thing to do would for the bor not to sign but the lender will not like that. It's not the end of the world for "us" if they do sign - but technically they should not. Since it is NOO and there is no RTC then it shouldn't be a big deal to have the lender re-draw docs and conduct the signing the next day.

Reply by DellaCa on 5/14/07 10:15am
Msg #190049

I have had a couple of them they gave the clients a RTC even though it was an investment property but I did fill in the correct dates as to a normal rescission.

Reply by bfd110_IN on 5/14/07 10:20am
Msg #190051

Well like I said

was kinda werid that is one is not required for investments nor second homes, but it was included in the overnight package and sticky notes were put on it by the processor stating, "DO NOT DATE". Things that make you go hmmm...