Posted by SReis on 11/10/10 12:05pm
Msg #360529

Am I missing something here....

Loan pkg I have for today has wrong recission date, listed as 11/14/10 (which is Sunday). Call & tell title. She says well funding is for the 15th. I say I don't think that is right because tomm is a federal holiday & should not be counted toward recission, so funding should be the 16th. She says well we're open so the federal holiday shouldn't matter. Umm, OK!!??? Either way this recission date is wrong because it clearly cannot be Sunday. Am I missing something, I thought it was a Federal Reg & guided by the feds NOT by the individual co.'s decision to be open or not (I know there are general exceptions re: funding on Sat, etc)??

Reply by Prosperity on 11/10/10 12:10pm
Msg #360531

Wow..... n/m

Reply by SReis on 11/10/10 12:12pm
Msg #360532

Just got the revised RTC - LOL!! n/m

Reply by C. Rivera Chicago Notary Services on 11/10/10 12:53pm
Msg #360534

wow, and it only took 'em 6 mins to realize they were wrong! n/m

Reply by MichiganAl on 11/10/10 1:15pm
Msg #360553

I hope they sent you a revised HUD too...

Because the disbursement date and the daily interest is probably off by one day as well.

Reply by SReis on 11/10/10 1:30pm
Msg #360577

Did get a revised HUD too.... n/m

Reply by MichiganAl on 11/10/10 1:01pm
Msg #360539

Same thing happened to me

I had the same thing happen on Monday, and I received the same explanation. I told them they were mistaken. I sent them a copy of the Reg. Z law showing them that for purposes of a rescission, being open was irrelevant. Despite the evidence, they stuck by their assertion that Veterans Day counts because they're open. Because of their mistake, the borrower now actually has a THREE YEAR right to cancel, and they have a nice out if they get foreclosed on in the future. It's really a terrible mistake and I was just stunned that they didn't get it.

Reply by ReneeK_MI on 11/10/10 1:41pm
Msg #360584

Just can't push a rope up a hill ...

I had the same situation - got myself covered with their instructions NOT to revise it via e-mail. My borrowers? Husband was an engineer, wife was laid-off from INDYMAC!

I need to go buy a lottery ticket today - neither of them questioned the RTC, or anything else for that matter.

Reply by MW/VA on 11/10/10 1:11pm
Msg #360545

LOL. It's a good thing WE know about the correct RTC

dates, isn't it. That's what cracks me up about the notaries who want to say, "well, I'm just a notary, only there to verify ID & witness signatures". We are NSA's, and are often the one's to catch a mistake at this final step. Good for you for catching it.

Reply by nobhill on 11/10/10 1:17pm
Msg #360557

Re: LOL. It's a good thing WE know about the correct RTC

The procedure for correcting the bad date is crossing out and initialing right?

Reply by MW/VA on 11/10/10 1:22pm
Msg #360565

Yes, line through & have borrowers initial. It's best to

get the correct dates from tc in the first place though.

Reply by Linda_H/FL on 11/10/10 1:22pm
Msg #360566

Yep...providing the tc authorizes you to change dates

However, in these two instances, even though they're wrong, they want the rescission date to remain as is...