Posted by Lucie_CA on 11/5/09 11:10am
Msg #309938

Nov. EOM

Am I correct that EOM is the 24th this month because of the holiday? I appreciate the clarification.

Reply by Jim/AL on 11/5/09 11:15am
Msg #309940

That is only correct for companies that use Saturday in computing RTC days...some do not.

Reply by Linda_H/FL on 11/5/09 11:18am
Msg #309941

Really Jim? I've yet to have a signing where Saturday was not used in the computation - years ago it was determined by lenders but nowadays, no. I thought the computation days/dates were set by the feds...could be wrong though.

Reply by Bob_Chicago on 11/5/09 11:31am
Msg #309945

RTC is valid, so long is it at LEAST three business days..

from date of signing. There are a few techncal exceptions based on date of"observed "Federal holidays, but as a general rule, if USPS is open, it is a business day.
Lender can make the RTC longer , but not shorter.
I remember one TC that did not count Saturday, but they are out of biz now.
I imagine that that might still be TCs/lenders that don't count Sat, but most do.
Let's all hope for a busy, November EOM. December EOM is usually not too great
because of the holidays.

Reply by PAW on 11/5/09 12:11pm
Msg #309961

Re: RTC is valid, so long is it at LEAST three business days..

at LEAST three business days from date of signing. There are a few techncal exceptions based on date of"observed "Federal holidays,
----- ----- ----- -----

Um, what "exceptions"? Reg Z isn't too clear, so a Reg Z Commentary has been added to the citation:

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 Jim/AL on 11/6/09 12:57am
Msg #310063

Yes Linda, did a closing today for a TC in AL that no longer

includes Saturday in the RTC for the lender they service.

I called and questioned it the first time the date did not calculate right the way it usually would for us(it was a Wed closing had Mon midnight recission).

Reply by JanetK_CA on 11/5/09 4:22pm
Msg #310001

Homebuyer tax credit to be extended

Technically, Thursday is the only legal holiday, so I'd calculate it the same way. But there's the actual "last day to sign" and the practical last day to sign. Sometimes, there is a rush to get things wrapped up well in advance of a holiday week like Thanksgiving. So with a little luck, the end of the week before could be busy.

I had thought that this November EOM was possibly going to be very busy because of the expiration of the homebuyer tax credit, but it looks like it's going to be extended to the end of April. I read that the Senate voted to approve it this morning. It's expected to pass the House very quickly and be signed into law by Obama within days. Overall, hopefully that will encourage more activity - but likely just purchases. Don't know about you, but in my area, title companies try to keep as many of those in-house as possible.

I hope everyone has a very good November, because since 2006, for me too, December has been very slow.

Reply by MW/VA on 11/5/09 5:15pm
Msg #310010

Yes, EOM is the 24th of Nov.

Reply by Karla/WA on 11/5/09 5:27pm
Msg #310011

All I say is ........BRING IT ON! I hope all your signings are smooth and there are many of them!

Reply by MW/VA on 11/5/09 7:54pm
Msg #310037

Absolutely. After several years in this business & adjusting any personal plans, I have come to know that the Thanksgiving & Christmas holidays are a very busy time. Business was very good last Nov. & Dec.

Reply by Linda_H/FL on 11/5/09 8:09pm
Msg #310043

Nope...next week...end of week

11/12 - 11/17 - we're going away for 5 days - if anyone's in No Florida hang on - guarantee the phones are gonna ring off the hook!!! Happens every time...LOL

Reply by Claudine Osborne on 11/5/09 8:41pm
Msg #310046

Re: Nope...next week...end of week

Last Nov. & Dec. were my busiest months ever!! Hope this year will be the same for all of us..

I went away for a week recently and yep the phone would not stop ringing..so is life..We had a much needed rest so the trip was worth it!

Reply by doglover/CA on 11/5/09 11:55pm
Msg #310056

When Lender's First Choice was in business, I always got work from them for the weekend after Thanksgiving.