Posted by Ann Marie Hughes on 3/11/10 1:25pm
Msg #326556

Right to Cancel

I did a siging last night where all documents were dated 2-22-10. The right to cancel was as well. Shouldn't those dates have been current.

Reply by Sylvia_FL on 3/11/10 1:28pm
Msg #326558

Yes, the borrowers have three days from signing those docs to cancel the loan.

Reply by Yoli/CA on 3/11/10 1:36pm
Msg #326561

Hopefully you and/or borrower(s) made necessary changes (including initials) to those dates and the notary block dates to reflect correct signing date.

Reply by Bob_Chicago on 3/11/10 2:05pm
Msg #326590

Yes AND no. Agree that best practice would be to change

dates on RTC to current dates. BUT, if you read the typical RTC from, it is may still be
compliant with the prior dates as printed on the form..

Following is from an actual RTC"
Note paragraphs 2 and 3 below.
"(1) The date of the transaction, which is ; March 8, 2010 or
(2) The date you received your Truth in Lending disclosures; or
(3) The date you received this notice of your right to cancel."

.....
"2. How to Cancel .......If you cancel by mail or telegram, you must send the notice no later than MIDNIGHT of March 11, 2010
(or MIDNIGHT of the THIRD BUSINESS DAY following the latest of the three events
listed above.) If you send or deliver your written notice to cancel some other way, it must be delivered to the above address
no later than that time."

Note the (or MIDNIGHT ..) section. If the dox are signed today and RTC and / or TIL is delivered today, then , by the terms of the form the last date to cancel would be March 15, 2010, or three biz days following the signing and delivery of the RTC/TIL

Reply by Joan_OH on 3/11/10 2:54pm
Msg #326608

was this an FHA streamline?

If so, I've seen them dating the RTC about a week before the end of the month and funding a few days before the end and not collecting any per diem interest. Providing all the other docs were dated correctly, I would not have changed it and would only consider changing it with title's instruction.

I never "automatically" correct this document as it is not my job to change documents critical to the funding process. I always make and call or email for instructions.

Joan-OH

Reply by Grammyzoom on 3/11/10 3:13pm
Msg #326620

Re: was this an FHA streamline?

You were absolutely right to check before changing. Some of these RTC's are not to be changed. It's weird but we came across this situation a few weeks ago.

Reply by Philip Johnson on 3/11/10 4:08pm
Msg #326645

"providing all the other docs were dated correctly"

How can a DOT be dated and notarized on 3-10-2010 and the corresponding RTC be dated 2-22-2010 expiring on 2-25-2010?

Reply by Bob_Chicago on 3/11/10 4:23pm
Msg #326647

Re: "providing all the other docs were dated correctly"

Bwr would sign the RTC with the proper hand written date following his sig.
IMO, dates within the body of the RTC need only be changed if reqd or authorized
by the hiring entity.
DOT can be dated on , 3-10-10 , 2-25-10 (or any prior date ) so long as notarization is
as of date signed (3-10-10)
Also I believe tha Note and DOT (mtg) should each bear the same date.

Reply by Claudine Osborne on 3/11/10 8:55pm
Msg #326746

Re: "providing all the other docs were dated correctly"

I had one the other day..The RTC was dated for 3/26/10. Upon checking with TC they said leave it alone..Bo are given 3 days but can have more than 3..huh? I did not seem right to me but what do I know? It was left alone.

Reply by bob/IA on 3/11/10 9:17pm
Msg #326759

Re: "providing all the other docs were dated correctly"

Borrower must be given at least 3 days. Lender can give as much time beyond 3 days as he wants

Reply by Sylvia_FL on 3/11/10 9:32pm
Msg #326762

Re: "providing all the other docs were dated correctly"

"Bo are given 3 days but can have more than 3"

Yes, the three days is a minimum requirement, but the lender can give more than 3 days.
Ameriquest used to give 7 days. There used to be a 3 day RTC in their packages and another extending it 7 days.