Posted by Steve Austin on 8/4/11 11:09am
Msg #392641

3 Day Rescission Calendar App

I found a free 3 Day Rescission Calendar app for my IPhone. Anyone else try this out?

Reply by Stephanie Santiago on 8/4/11 11:19am
Msg #392642

Re: 3 Day Rescission Calendar App...Thanks for the info n/m

Reply by Karla/WA on 8/4/11 12:33pm
Msg #392651

Just downloaded it....sometimes these come in handy.

I also loaded a loan calculator that has come in handy, especially when folks are applying additional principal and want to know how many years will be cut off from their new loan.

I always tell them they can request an amortization schedule from their lender, but then I'm happy to provide them an idea using this application. Everyone has been very appreiciative, think it's a clever application and I make it perfectly clear this is only an illustration.

Reply by Steve Austin on 8/4/11 12:35pm
Msg #392652

I'll check that out too. Thanks.

Reply by A S Johnson on 8/4/11 12:42pm
Msg #392653

" also loaded a loan calculator that has come in handy, especially when folks are applying additional principal and want to know how many years will be cut off from their new loan"

Have you asked a lender, title/escrow co about this?
I would not put myself in the position of telling a borrower this information. Results of prepayment s need to answere by the LO or lender.
I doubt the escrow co really know as they are interested in the present terms to get loan closed and disbursted.

Reply by Linda_H/FL on 8/4/11 2:08pm
Msg #392670

Glad I read this first - that's exactly what I was going to

sayl...that info is way beyond our scope - they should be referred to their LO for that answer. If an amortization schedule is included in the package, you can point out the breakdown after xx payments and let them do the math themselves but I think you're overstepping your authority by providing additional financial information to the borrowers.

I also don't see the use of a rescission calendar or app at the table. The dates are already there - and you can't go changing them without approval from title. Besides, as others have said, I can count to 4...

Reply by MichiganAl on 8/4/11 1:53pm
Msg #392665

An app to calculate RTC? My fingers work just fine. n/m

Reply by Buddy Young on 8/4/11 5:54pm
Msg #392735

Re: An app to calculate RTC? My fingers work just fine.

My fingers work just fine too. You just have to remember that Sundays and Holidays don't count.

Reply by MikeC/NY on 8/4/11 4:23pm
Msg #392712

Can't count to 3? There's an app for that...

Seriously, why would anyone need an app on their phone for this?

Reply by topflyt on 8/4/11 7:52pm
Msg #392739

Re: Can't count to 3? There's an app for that...

Because some preople can't count and are afraid of possibly making a mistake.

Reply by Linda_H/FL on 8/4/11 8:53pm
Msg #392742

They shouldn't be messing with the rescission dates to

begin with without prior approval from title - ESPECIALLY at the table.

Reply by MikeC/NY on 8/4/11 10:26pm
Msg #392745

Re: Can't count to 3? There's an app for that...

If they can't count to 3, they've got bigger problems than worrying about rescission dates...

Reply by Steve Austin on 8/5/11 7:35pm
Msg #392835

Re: Can't count to 3? There's an app for that...

Everyone is hating. Notary rotary has a rescission calendar on this website. It's available for a reason. When you have to go get a NORTC resigned because you forgot about a holiday you might wish you had it. A lot of NORTC's have the dates already filled in, but not all. What have you got to loose. After all it's free! If you don't want to take a few seconds to verify the date is correct you probalbly don't have enough time to be posting on here.

Reply by Linda_H/FL on 8/6/11 8:26am
Msg #392865

I haven't had to fill in a date on a NORTC in 4 years

They always come in pre-filled at least for me, and that includes both mortgages AND other rescindable consumer products.

"If you don't want to take a few seconds to verify the date is correct "

Consider this - how do you KNOW they're not correct? You're not privvy to all the nuances of the loan - you have no idea if any or all of the 3-day rescission period has been waived (had a RM last week where ONE day was waived) - and changing dates either prior to closing or at the table without title approval is outside our authority.

Yes, many places provide calendars - some not always accurate (we here have found errors at times) - just because a calendar is provided doesn't make it a mandatory staple to doing business nor does it grant authority to be calculating rescission dates. If you really have to do it, all you need is 4 fingers and cognizance of Sundays and holidays to determine the end of the rescission period.

JMO

Reply by jba/fl on 8/6/11 11:37am
Msg #392876

Ok - I will continue to use my 1-2-3-4 fingers & sometimes 5 n/m

Reply by MikeC/NY on 8/6/11 2:14pm
Msg #392888

Re: Can't count to 3? There's an app for that...

No one is hating, and I certainly didn't refer to you directly, so there's no reason for you to start insulting me.

The rule is simple - 3 business days, excluding Sundays and federal holidays. There are 10 federal holidays; it's a simple list to learn. It would take longer to pick up the phone, start the app, input today's date, and get an answer than it would to simply count. If this job gets someone so rattled that they're unable to do that simple task without help, perhaps they should be in another line of work.

Reply by Linda_H/FL on 8/6/11 2:24pm
Msg #392891

And the info is only as good as the person who input

the data - if they made a mistake the app will be wrong..

I recall someone recently mentioned that some bank holidays had to be considered for rescission dates. If any info like that is included in that app, it's going to be wrong....

As to this? "If this job gets someone so rattled that they're unable to do that simple task without help, perhaps they should be in another line of work"

Touche..

Reply by MikeC/NY on 8/6/11 10:55pm
Msg #392923

Re: And the info is only as good as the person who input

"I recall someone recently mentioned that some bank holidays had to be considered for rescission dates. If any info like that is included in that app, it's going to be wrong...."

Same thing happens when a Federal holiday falls on a weekend and is "observed" either on the Friday or the following Monday. If the person putting in the data doesn't understand the rules, the dates are going to be wrong.

This is obviously not directed at you or the other veterans, because I know you all already know this, but for those who are still confused about it:

Aside from the fact that getting the date right on the rescission document is NOT our responsibility, the 3 day rescission rule is a MINIMUM under Reg Z for certain types of refinancing; the lender can extend it at their discretion, and it doesn't even apply in some cases. If you want to be a professional, you need to know this stuff cold - google "reg z", read the part about rescission, and commit it to memory. Relying on an app or a rescission calender to tell you what to do is definitely not in your best interest, and changing or entering the date without permission is probably right up there on the incompetency scale with neglecting to notarize a document.