Posted by Art_MD on 9/28/09 9:31am
Msg #305368

Error or new type of loan?

Had a signing on Friday - refi with same lender.
TIL, note had a first payment date of 10/2010. DOT had due date of 10/2040. Thirty year note.

Is this an error ( houd have been 2009 not 2010) or a new type where there is no payment for a year? strange.

Would you call the TC or stay out of it?

Art

Reply by MistarellaFL on 9/28/09 9:36am
Msg #305372

I'd alert the TC, let them figure it out with the lender.
Good catch!

Reply by Linda_H/FL on 9/28/09 9:43am
Msg #305374

Re: Error or new type of loan?...agree with Misty

I also would have told the borrowers that I'd be contacting title on Monday and would have suggested he contact his LO regarding the discrepancy. Too bad they didn't provide you with numbers to call from the table.

Reply by Art_MD on 9/28/09 9:47am
Msg #305377

Re: Error or new type of loan?...agree with Misty

I had numbers - every get thru on a Friday nite which is the EOM date? Good luck.

Art

Reply by Linda_H/FL on 9/28/09 9:53am
Msg #305381

Okay Art...please let me rephrase

Too bad they didn't give you GOOD numbers to call from the table....

I hate it when I'm hung out to dry like that...

Reply by Art_MD on 9/28/09 9:55am
Msg #305382

Re:update on 2010 payment

Got thru and will get new TIL, note etc.
Not a new type of loan - too bad.

Art

Reply by Linda_H/FL on 9/28/09 9:58am
Msg #305383

Good for you ... now another clinker in the mess

Most mortgages/security instruments recite the note terms somewhere - is your security instrument correct or does that need to be redone? Does this re-start the rescission period? Not that it affects what you have to do but it's coming close to a backdating scenario....

Good Luck with this!!

Reply by Art_MD on 9/28/09 10:34am
Msg #305397

Re: Good for you ... now another clinker in the mess

Oh yes !!!!!

New docs will have to include DOT to show new due date of 2039 - which will be notarized with new date.
TIL - will be new, so RTC date will have to change.
Also with wrong dates - Note, payment coupons, payment breakdown, new HUD (different dispursement date - different interest on line 901 - different cash to borrower) etc. etc.

Probably a whole new package. At least the resign will be fairly quick since we won't have to go thru all the juck docs.

Art

Art

Reply by Linda_H/FL on 9/28/09 10:39am
Msg #305398

Oh jeez...what a mess!!!...Good luck!! n/m

Reply by PAW on 9/28/09 12:30pm
Msg #305428

Re: Good for you ... now another clinker in the mess

Yes, probably a whole new package complete with new RTC and rescission period. However, technically the rescission period need not be changed since the changes to the TIL do not effect interest rates or amount being financed. Documents are correcting a date error. For simplicity I would assume the lender will recreate the package in it's entirety including rescission period.

Reply by MW/VA on 9/28/09 2:09pm
Msg #305445

Good catch!