Posted by Grammyzoom on 6/27/10 7:17pm
Msg #342713

What do you do when

the RTC also includes a document which states that the 3 day Right to Rescind has expired and the borrowers request that the loan be funded. This document is dated accordingly.

Reply by Linda_H/FL on 6/27/10 7:23pm
Msg #342714

Depends on my instructions

Sometimes I'm told leave it with them with faxing instructions for the day after the rescission period expires.

Sometimes I'm told to have them sign it - so I let the borrowers know title or lender, whichever the case may be, has requested they sign this form - if they're comfortable with it they sign - if they're not and they don't want to I don't push it - I'll call my hiring party from the table and advise them - most times I end up just leaving it with them for signing and faxing on that fourth business day.

I've only run into this a very few times.

MHO

Reply by Frank/NC on 6/27/10 7:31pm
Msg #342715

Re: Depends on my instructions

I ran into this a few times and handled it the same way as Linda.

Reply by PAW on 6/27/10 7:35pm
Msg #342718

Same as Linda. n/m

Reply by Ernest__CT on 6/27/10 9:25pm
Msg #342728

I'm with Linda too. n/m

Reply by Yoli/CA on 6/28/10 5:47pm
Msg #342832

Re: Depends on my instructions

Same as Linda.

Reply by Notarysigner on 6/27/10 7:31pm
Msg #342716

I have never seen the Doc you and Hugh are talking about if I'm correcting understanding what I'm reading.

The only RTC docs I have ever seen has the date of the signing (this is just one sheet) and in the middle it has wording something like if you wish to cancel, sign here and fax back to this address/number. Then at the very bottom a place to sign and date acknowledging receipt. Are yours different?

Reply by jba/fl on 6/27/10 7:47pm
Msg #342719

Yes, this is a different form altogether. It is for the notification to the TC that they did not use their RTC and are ready to fund as well.

Reply by Susan Fischer on 6/27/10 7:59pm
Msg #342721

When borrowers refuse to sign, I leave it with them. If

they're comfortable with the "we only use it if they don't cancel" answer (which is what I get when I call for direction), they sign - if not - they don't. Only have seen it a few times.

I've seen another doc for closing (not us, funding) folks - that states the borrowers did not cancel in the rescission period - and signed by funder.

I don't push it - especially if the borrowers are iffy from the jump.

Hope your day is going well, Carol.

Reply by Grammyzoom on 6/27/10 8:12pm
Msg #342723

Re: When borrowers refuse to sign, I leave it with them. If

We handle it the same way that Linda does. Most of the time the document is left with the borrower and I let them know that the lender or TC may call and ask them to sign and fax the form after the 3 days has expired.

Thank you Susan, you too!