Posted by akristy/CA on 11/16/07 2:46pm
Msg #221695

2007 Recission Calendar Incorrect

The calendar found on this website under Signing Central is incorrect for November 8 as the date shown is November 12 which 'was' Vetrans Day a legal bank holiday.

Not sure about the rest of the calendar, but this one messed me up! Someone should review for accuracy!

Reply by CopperheadVA on 11/16/07 2:54pm
Msg #221696

Re: 2007 Rescission Calendar Incorrect

There was a rather lengthy discussion about this just prior to Veteran's Day. I think it was determined that the calendar is technically correct, however some lenders decided that they were not counting it in the RTC period, and everyone was best advised to check with their TC if they were signing a deal around that time.

Reply by PAW on 11/16/07 3:34pm
Msg #221704

Re: 2007 Recission Calendar IS correct

Monday, November 12th is not the legal public holiday as defined in the US Code. This has been discussed in detail in previous threads. In summary, the legal holiday is November 11th. If that day falls on a Sunday, so be it. The following is an excerpt from the Title 12 (Code of Federal Regulations) Supplement -

Supplement I to Part 226-Official Staff Interpretations (http://tinyurl.com/yq8hen) 2(a)(6)

Introduction

1. Official status. This commentary is the vehicle by which the staff of the Division of Consumer and Community Affairs of the Federal Reserve Board issues official staff interpretations of Regulation Z, as revised effective April 1, 1981. Good faith compliance with this commentary affords protection from liability under 130(f) of the Truth in Lending Act. Section 130(f) (15 U.S.C. 1640) protects creditors from civil liability for any act done or omitted in good faith in conformity with any interpretation issued by a duly authorized official or employee of the Federal Reserve System.

Section 226.2-Definitions and Rules of Construction
2(a)(6) Business day.
2. Rescission rule. A more precise rule for what is a business day (all calendar days except Sundays and the federal legal holidays listed in 5 U.S.C. 6103(a)) applies when the right of rescission or mortgages subject to §226.32 are involved. (See also comment 31(c)(1)-1.) Four federal legal holidays are identified in 5 U.S.C. 6103(a) by a specific date: New Year's Day, January 1; Independence Day, July 4; Veterans Day, November 11; and Christmas Day, December 25. When one of these holidays (July 4, for example) falls on a Saturday, federal offices and other entities might observe the holiday on the preceding Friday (July 3). The observed holiday (in the example, July 3) is a business day for purposes of rescission or the delivery of disclosures for certain high-cost mortgages covered by §226.32.

Reply by LJ on 11/16/07 3:43pm
Msg #221710

Re: 2007 Recission Calendar IS correct

I did 2 CW loans, different branches and different TC on Fri Nov 9th. Both had different RTC dates. It is not up to us, its up to the lender.

Reply by MikeC/NY on 11/16/07 4:54pm
Msg #221717

2007 Recission Calendar is accurate

Bank holidays don't count. The LEGAL holiday was 11/11, which was a Sunday this year.

There are 4 legal holidays identified by specific date - New Year's Day, Independence Day, Veterans Day, and Christmas Day. If they fall on a Sunday, it's like they never happened as far as rescission calculations are concerned. Lenders can certainly add an extra day to the RTC if they want to, but they're not violating the law if they don't.

Reply by CaliNotary on 11/16/07 5:51pm
Msg #221727

You shouldn't need a calendar to calculate rescission dates, why are so many signing agents not even comfortable enough in their ability to count to three?

Reply by BrendaTx on 11/16/07 6:12pm
Msg #221736

I agree...I have never used a rescission calendar.

Reply by Becca_FL on 11/16/07 6:13pm
Msg #221737

I'm with you, Cali.

In all my time working in a TC, never did we have a rescission calendar. Believe it or not, we were left to our own devices...a calendar and the ability to count to three.