Posted by pat/WA on 6/17/10 6:45pm
Msg #341451

Chase

Just received Chase refinance documents. There were 12 (TWELVE) RTC included.
Any coments or suggestions?

Reply by Shoshana/AZ on 6/17/10 6:54pm
Msg #341452

MY SOP is to have everything in the package signed. I do not take it upon myself to decide what should be signed and what shouldn't. Alternatively, you could call the TC and ask them.

Reply by VA/VA on 6/17/10 7:11pm
Msg #341454

pretty much what I do too, if it is there it gets signed. have also had multiple sets of W-9s, and other IRS forms. Borrowers complain, but it gets done!

Reply by BillyJack/NC on 6/17/10 7:29pm
Msg #341456

What Chase is this?

Reply by enotary/va on 6/17/10 8:06pm
Msg #341458

Just did one for chase at 6:00 pm. in Wlliamsburg. There were 12 (TWELVE) RTC included.
At least they had both borrower's on the same 12, not 12 for each.

Reply by pan/nd on 6/17/10 8:47pm
Msg #341469

ya have 'em all signed...ask questions later.

It's pretty obvious to me that they want all 12 signed since I've seen them in their

packages ever since last December. It's no fluke.

I don't agree with it in any way, shape or form....but it's not my money!

Reply by Julie/MI on 6/17/10 8:47pm
Msg #341470

I have the mortgagors sign one and put the remaining in their stack. Been doing it this way since the beginning of time without a problem.

Reply by Jayhawk/KS on 6/17/10 9:55pm
Msg #341480

Just plant another tree in your yard when they go on sale at the local garden center! And plant soybeans in your garden!

Reply by Glenn Strickler on 6/17/10 10:21pm
Msg #341481

Each person entitled to rescind gets two copies

by law. Each copy needs to be signed and dated, even the ones the borrowers keep. I hope you aren't leaving blank copies with the borrowers. I know of one case that is being litigated right now where the borrowers are claiming the notary dated the documents wrong and presented a signed RTC with a signing date dated 2 days after the actual date of the signing. Apparently they decided against the refinance and picked up a blank RTC, dated it so it looked like they canceled on time and sent it in to cancel the loan. I can't imagine the borrowers will win the case, but the whole thing could have been avoided.

Reply by LKT/CA on 6/17/10 10:51pm
Msg #341482

Re: Each person entitled to rescind gets two copies

<<<Each copy needs to be signed and dated, even the ones the borrowers keep. I hope you aren't leaving blank copies with the borrowers.>>>

What law says the borrowers copies of the RTC must be signed too?

The borrowers are not even required to use the RTC forms that are included with their loan docs to cancel - they can use a piece of notebook paper and handwrite the cancellation if they want.......so long as the lender/TC/whomever gets the signed cancellation IN WRITING by midnight of the third business day is all that matters.

Reply by Calnotary on 6/17/10 11:06pm
Msg #341483

Re: Each person entitled to rescind gets two copies

I been doing the same thing for years as Glenn, all their copies get signed and dated I don't care if the package has 4,6 or 12 copies, all their copies gets signed and dated.

Reply by Bob_Chicago on 6/18/10 12:07am
Msg #341488

Disagree as to the borrower's copies needing to be

signed and dated. IMO, law does not even require that lender's copies need to
be signed and dated, but most lenders require it so that the original in the lender's
file serves as a receipt that that borrowers eacg received two copies. The borrowers receiving two copies, is all that the law requires.
Some lenders do not even require that the lenders copies be signed and dated and some only require tha the borrower initial the lender's copy.

Reply by Glenn Strickler on 6/18/10 12:54am
Msg #341495

Re:Clairification

Leaving 2 copies is the law, Signing and dating them all is CYA and was told to do so by my attorney when I first began this business.........

Of course, everyone is free to do what they see fit. But why not head a problem off at the pass rather than picking and choosing what to print and what to sign? Just makes life a whole lot simpler in the long run. A little extra time can save a lot of issues later ....

Reply by MikeC/NY on 6/18/10 12:58am
Msg #341496

Not correct

" Each copy needs to be signed and dated, even the ones the borrowers keep"

Reg Z only requires that each party get two copies of the RTC (§ 226.15 (b)). There is NO requirement that they sign anything - all the lender has to do is deliver two for each signer. BO can write a request to rescind on toilet paper if they want - the RTC form only tells them how to rescind, who to contact, and what the deadline is. Whether or not they signed their copy is immaterial - what counts is what the lender has, backed up by the date that the rest of the documents were signed.

In the case you've mentioned, unless they are alleging that the notary misdated EVERYTHING in the package it's hard to understand how they could possibly prevail based on an RTC that they fudged, so there must be more to it than that. The lender should have a copy of the RTC they signed, which would pretty much be a slam dunk...

Reply by jba/fl on 6/17/10 11:29pm
Msg #341484

Ditto.
Reason: 12 sent to me. If 4 BO's, each gets 2 to keep, 1 to return = 12

Just as there are lines for 4 BO throughout the package, someone has set the pkg. to accommodate 4 without having to make changes for different size packages.

Ease of package setup. JMO and works for me.

Reply by Kay/IL on 6/18/10 12:02am
Msg #341487

I do quite a few Chase re-fis. The weird thing is that there never seems to be the same number of RTC's in any 2 packets.

Whatever, just make sure that the borrower has 2 signed RTC's and whoever else has the remainder.

Reply by Ali/IL on 6/18/10 11:09am
Msg #341520

Then there are some that only include 1 rtc.