Posted by ct on 7/1/10 12:03am
Msg #343349

Rescission date for 4th of July holiday

I noticed banks are closed for federal holiday Monday...Rescission calender has the 5th as a rescission day..is this correct?? I have an early morning signing and am not sure...

Reply by Grammyzoom on 7/1/10 12:20am
Msg #343350

When the holiday falls on Sunday, Monday is counted as the holiday. So therefore signings for tomorrow 7-1 will have 7/2, 7/3 and 7/6 as business days. The last time to rescind would be midnight Tuesday, 7/6.

Reply by ct on 7/1/10 12:25am
Msg #343351

That's what I thought but all the rescission calenders including notary rotary say that the 5th is the last day if signing on 1st...

Reply by ct on 7/1/10 12:27am
Msg #343352

OK..I just read your profile...I believe you DO know...thanks....

Reply by Hugh Nations Signing Agents of Austin on 7/1/10 12:55am
Msg #343353

They've just about all got it wrong

For years, I have used the calendar provided by the Pennsylvania Association of Notaries on their website. It is far and away the best-looking of all those I have seen, and the best for distributing to borrowers. But, like every other calendar I looked at save one, it got the rescission date wrong. How disappointing. The one saving grace for all of them is that they haven't expanded the time to cancel, they have contracted it by a day.

Following is a link to a handy calendar for the signing agent to carry. It would probably confuse a borrower, but it is a wealth of information, especially the days-of-the-week chart at the top.
http://www.dewrell.com/downloads/2010%20Rescission%20Calendar.pdf

Reply by ct on 7/1/10 1:08am
Msg #343354

Re: They've just about all got it wrong

at least it has the right date...I went to a rescission calender to double check myself and just got myself all confused..couldn't understand how the bank could be closed and still count as a rescission date..glad I asked..I would have called title in the morning to clarify but its an early am signing...I am so glad to have this forum..thank you

Reply by Linda_H/FL on 7/1/10 5:20am
Msg #343361

This was just discussed very recently

See Msg #342747 - 7/5 *is* counted in calculating rescission.

Reply by Susan Fischer on 7/1/10 5:40am
Msg #343364

Yes, probably so, but perhaps just a little patience

would go far for some Notaries who are on the go and pressed for time - although I understand that 'regulars' may find some issues common and "asked and answered."

Just a little patience, might go a long way toward bolstering our excellent (NR) resource for info and support of all the folks in our industry.

I'm liking the discussion of this very good question.

Reply by Linda_H/FL on 7/1/10 4:26pm
Msg #343437

Wasn't an issue of no patience at all Susan

Was pointing out it was a recent post and posted the Msg number for reference.

Thank you for your unnecessary admonishment.

Reply by Joan Bergstrom on 7/1/10 10:41pm
Msg #343493

It's just like when Christmas and New Year

are on a Sunday and everyone thinks Monday is a holiday. Monday Dec 26th and Monday
Jan 2nd are counted as recession dates

Reply by Susan Fischer on 7/2/10 8:33am
Msg #343537

Sorry, Linda, didn't mean to sound scoldy - at all - n/m

Reply by Bob_Chicago on 7/1/10 4:50pm
Msg #343439

This is a good example of a problem with the rules.

If July 5 2010 does count as a recission date, and if someone wishes to cancel a transaction
with the final date being July 5, 2010, they will be unable to mail a recission notice on
July 5 and have it postmarked as proof that it was mailed on that date,
as the USPS is closed on July 5, 2010 in observance of Independence Day.
I believe that RESPA rules should be , "If USPS is open, it is a recission date, if closed, it is not."
I don't believe , however , that they will be asking the Bobster to write RESPA rules any time
soon. as my rule is way too simple and will put scads of bureauocrats out of work, not to mention simplifying NSA training.

Reply by Linda_H/FL on 7/1/10 4:54pm
Msg #343441

I agree Bob...

What also came out here is that this can be very lender specific - as long as they give AT LEAST 3 business days (or lender waives rescission)...but some are saying 7/5...some saying 7/6..

Best bet? Don't take any advice here as gospel but check with your hiring party on each and every loan you do...

Reply by MW/VA on 7/1/10 7:02am
Msg #343372

Thanks for bringing this up. I didn't know that Mon. was

counted as the holiday.

Reply by ct on 7/1/10 10:25am
Msg #343389

Re: Thanks for bringing this up. I didn't know that Mon. was

thanks for all the input..loan went bad..wrong loan amount..and title got back to me on the way home..Monday not counted for them so 6th is last day for RTC with this company...

Reply by VioCa on 7/1/10 9:31am
Msg #343381

Double check with the Title co because I do have two Wells Fargo loans today and it is under their instrustions that the last day to rescind is 7/5 and I asked them if that is the case and the answer was yes.

Reply by LMS on 7/1/10 9:37am
Msg #343382

Both sets of docs I have for today's closings have July 6th.

Reply by GY_CT on 7/1/10 2:59pm
Msg #343420

The calendars are of course wrong, because they were automatically programmed and considered only one variable, i.e., July 4 as the holiday. They forgot the second variable, i.e., July 4 occurring on a Sunday, making July 5 the holiday.

Reply by PAW on 7/1/10 8:03pm
Msg #343473

I'm sorry to say that your statement is in error. The federal holiday is Sunday, July 4th. Monday is NOT the federal holiday. Monday is the day the holiday is **OBSERVED**. According to the federal code, only the ACTUAL holiday (and Sunday) are not counted when calculating the federal mandated rescission period. Thus, July 5th IS to be counted as a day of rescission. However, lenders are free to add additional days to the original date calculated by federal code.

Reply by MW/VA on 7/1/10 8:05pm
Msg #343474

Thanks, Paul. n/m

Reply by PAW on 7/1/10 8:05pm
Msg #343475

See Msg #342747

See Msg #342747