Posted by YvonneAA/NY on 11/12/07 7:07am
Msg #220790

Veterans Day

Is today 'Veterans Day' a working day for title companies and other lenders than the banks, banks are closed today.

Reply by PAW on 11/12/07 7:50am
Msg #220792

Today (11/12) is NOT a federal holiday

Even though banks and the post office may be closed in "observance" of the holiday, the official federal holiday is Sunday, November 11th (this year). Thus, for rescission purposes, today IS counted as a day of rescission (a "business day" in accordance with Reg Z. However, many lenders do not count today in their calculations.

Reply by sue_pa on 11/12/07 9:04am
Msg #220804

Re: Today (11/12) is NOT a federal holiday

every year we see this. It is not our job to determine what is or is not a federal holiday or who uses it or not. I surely am not paid near enough money to figure this out and make a legal determination of what days do or do not count. The lender is the one that makes this call at Veteran's Day and every other day of the year.

Also, from reading these boards, I do A LOT more loans than a lot of people. I am asked to figure out the RTC date VERY seldom and I am talking about once or twice a year. who does everyone else work for that they are asking someone in the field who may have never even touched a set of loan docs before calculating this date - Ditech used to be a culprit, don't know who else although it appears from last week that Countrywide may or may not, depending on the office.


And, I've also never figurdf this one out - if you do figure out dates, why does someone need a rescission calendar - can't you count to 3 (possibly 4 or 5 on the odd occasion) all by yourselves?

Reply by Linda_H/FL on 11/12/07 10:24am
Msg #220820

Re: Today (11/12) is NOT a federal holiday

In the odd instance where I've had to fill in the RTC (and this is probably called CYA) I call the hiring entity (SS/title/lender) and get written confirmation of the dates they want inserted in those blanks....I may know the correct dates to insert but, as Sue said, I'm not paid anywhere near enough to assume that liability - that's the lender's/title's job. JMHO

Reply by CaliNotary on 11/12/07 12:41pm
Msg #220852

Re: Today (11/12) is NOT a federal holiday

"In the odd instance where I've had to fill in the RTC (and this is probably called CYA) I call the hiring entity (SS/title/lender) and get written confirmation of the dates they want inserted in those blanks"

Are you serious? What liability is there? Other than the odd situation like this where the holiday falls on a Sunday it's a matter of counting to three. Calling and getting written confirmation of which dates to use just makes you look like you don't know the basics of this job.

It must be a regional thing because I'd say maybe 20% of the loans I do actually have the dates filled in, and 50% of those have to be changed anyway.

Reply by GWest on 11/12/07 12:50pm
Msg #220855

Re: Today (11/12) is NOT a federal holiday

I agree. If I had to call and ask on every loan, I'm sure they wouldn't call me anymore. This is the first time this year I have had asked, as it is up to them if they count today as a holiday, not me.

Reply by MikeC/NY on 11/12/07 4:32pm
Msg #220890

Re: Today (11/12) is NOT a federal holiday

I agree with you - it's not rocket science, all you have to know is what the holidays are, which four may potentially fall on a Sunday, and how to count. If the date is blank, I know what it should be; I'm not going to call and ask.

95% of the loans I do have the date already filled in. If the hiring entity wants to specify a rescission date, the only time I would question it is if it were less than 3 business days (that happened once, and they thanked me and told me just to correct the date). Otherwise, they can add a day or a week if they want - I don't need to discuss it with them.

Reply by Linda_H/FL on 11/12/07 5:25pm
Msg #220899

Re: Didn't say I couldn't count - didn't say I couldn't do

it - I just prefer to have written confirmation of the agreed dates I'm putting in there...that's just documenting the details, that's all. = don't tell me you've never been involved in the "he said she said" type argument - just avoiding it. And again - it's a rare instance - I'd say 95% of my RTC's have the dates filled in already.

Reply by CaliNotary on 11/12/07 5:34pm
Msg #220901

Re: Didn't say I couldn't count - didn't say I couldn't do

There's no "he said she said" when it comes to the RTC dates except for those rare occasions when you're dealing with a Sunday holiday. It is what it is - 3 full days excluding Sundays, period.

This is just another example of people wasting time trying to cover all the "what if's" that could theoretically, but virtually never do, come up. And when they do come up you'll inevitably spend less time dealing with them when they come up then do you spend wasting time trying to prevent them in the first place.

Is there a single person on this board who's ever had an issue relating to the RTC dates when there wasn't a Sunday holiday involved?

Reply by GWest on 11/12/07 10:56am
Msg #220828

Re: Today (11/12) is NOT a federal holiday

Maybe this is an East Coast / West Coast thing, but 95% of the loans I sign, the RTC dates are not filled in. When it comes to holiday / none holiday days, I ask the lender what they want filled in. Last week I had companys go both ways Citibank counted today as a holiday and Countrywide changed their mind mid day as to whether today was a holiday nor not, ending up counting today as a business day. It's their choice, not mine.

Reply by spnotaryplus on 11/12/07 10:59am
Msg #220831

Re: Today (11/12) is NOT a federal holiday

I closed for Capital One on Saturday and they counted it as a holiday as well. But I understand some are not counting it as a hoiday.

Reply by YvonneAA/NY on 11/12/07 11:59am
Msg #220843

Shannan thank you

Thank you Shannan for getting my point. Have a wonderful week.

Reply by SReis on 11/12/07 11:45am
Msg #220837

I think everyone missed the point of the orig question.

Yvonne is not asking re: RTC dates, just whether or not co.'s are open today. I had same question myself & it seems like most title co.'s are open. Not sure re: lenders, however. No clear cut answer, I guess, since the actual holiday was yesterday.

Reply by Teresa/FL on 11/12/07 11:48am
Msg #220839

Many companies are OBSERVING the holiday today,

although the official holiday was yesterday.

Reply by YvonneAA/NY on 11/12/07 12:01pm
Msg #220845

Shannan thank you

Thank you Shannan for getting my point.
Have a a wonderful week all.