Reply by Elaine Sedlock on 11/11/07 5:31pm
Msg #220706
Re: The important question is...
I had a signing Saturday too and the preprinted RTC date was the 14th. That also lined up with my recission calendar. However, I don't think that's really fair to the borrower because they automatically lose Saturday, Sunday and Monday since no one will be available to answer their q's until Tuesday. This means they have only two days instead of three. And in my case, they didn't sign because there were serious errors with the HUD and Additional Disbursement docs which double charged them for debts which, had they signed, they may not have been able to ever collect. They even called their financial advisor (someone I know personally as well who knows his stuff very well) and were advised not to sign. Bummer since I was at the borrowers home for 3 hours!
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Reply by MikeC/NY on 11/11/07 7:25pm
Msg #220714
Re: The important question is...
<< I had a signing Saturday too and the preprinted RTC date was the 14th. That also lined up with my recission calendar. However, I don't think that's really fair to the borrower because they automatically lose Saturday, Sunday and Monday since no one will be available to answer their q's until Tuesday. >>
They don't lose Saturday, because you don't start counting until the next business day. They don't lose Sunday either, because it's never counted as a business day. Monday is not the legal holiday, so it's the first business day - you don't know whether anyone will be there on Monday to answer the phone, but the law doesn't address that, so they're getting what they're legally entitled to.
<<And in my case, they didn't sign because there were serious errors with the HUD and Additional Disbursement docs which double charged them for debts which, had they signed, they may not have been able to ever collect.>>
That's not something you can control or even discuss with them (possible UPL), but usually those types of errors are self-correcting: if the debt amounts shown as disbursements are too high, the difference goes back to the borrower. The debtor can't just keep the extra money; at the very least, they have to show it as a credit back to the borrower. Again, it's not something you can discuss with the borrower; if their financial advisor tells them not to sign and you can't reach the LO, your only option is to pack up and leave.
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Reply by MikeC/NY on 11/11/07 7:04pm
Msg #220713
Re: The important question is...
The 14th would be the correct rescission date, since Monday doesn't legally count as a holiday. Those companies that are requiring the 15th are giving the borrower an extra day - that's their call, not ours.
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