Posted by OU_Stoops on 12/22/11 10:23am
Msg #407336

Rescission Calendar for Notary Rotary

Can someone please clarify the correct dates for the Notice of Right to Cancel for closings today. Notary Rotary rescission calendar shows date for loans that sign today is the 26th. Its my understanding that Monday is a Federal Holiday and banks will be closed. That would mean that the 26th does not count towards the rescission yet Notary Rotary calendars shows it would be the 26th?

Reply by Linda_H/FL on 12/22/11 10:28am
Msg #407338

It varies entity to entity - some are counting Monday, some are not....to be safe I'd check with each hiring party directly and not rely on any other calendar.

See threads related to Msg #407124 and Msg #407200

Reply by Carolyn Breckenridge on 12/22/11 10:45am
Msg #407340

Linda is right. I have a Wells Fargo and they are using Monday as the last recission date.

Reply by Bee_CA on 12/22/11 11:14am
Msg #407342

I have a GMAC/Ally Bank closing today. They have Tuesday the 27th as the last day to cancel......it's a toss up!

Reply by Joan Bergstrom on 12/22/11 11:52pm
Msg #407403

Monday Dec 26 is not a Federal Holiday and Monday Jan 2, 2012 is not a Federal Holiday and both are dates count for rescission.

Reply by HisHughness on 12/22/11 11:44am
Msg #407343

Any rescission date past the 26th is solely at the option of the lender. The law says rescission must be available only till midnight the 26th.

You need to keep up, Stoops. NotRot moves fast. We cover a topic, then move on. Except in the case of Bob_Chicago. He's still trying to figure out those new-fangled self-inking stamps. And except in the case of holidays falling on Sunday, which we address every time it occurs; we never tire of reinventing the wheel on that subject.

Reply by MikeC/TX on 12/22/11 5:53pm
Msg #407376

Forget the rescission calendars, and learn what the legal holidays are. There are only 10, and four of them fall on specific dates - Christmas Day, New Year's Day, Independence Day, and Veterans Day. All of the others fall on a specific weekday, so those four are the ones people seem to get confused about every year. You only need to remember those four - how hard can that be?

For the four with specific dates, THAT DATE is the legal Federal holiday. Don't confuse the legal holiday with the date on which it's observed - THAT is the date federal employees don't have to work, and it has nothing to do with business days and rescission. The lender can always extend rescission for a day or two as a courtesy, but it's their call - some will, some won't.

Reply by Buddy Young on 12/23/11 12:10am
Msg #407406

I recieved an email from Notaries Express that had a recession calandar in it.

The email says to count Monday 12/26 and Monday 1/02 as holidays.

I guess it just depends on who you get the assignment from.

Reply by JanetK_CA on 12/24/11 1:48am
Msg #407493

I got that email, too, and sent them a message referring them to these discussions and Renee's posts. My reply said that they checked with three different lenders and they were going with what they found out. Hopefully that will work for their clients.

However, based on the signings I did this week, Wells Fargo seems to be allowing the extra day, but Citibank is not. (This is per the rescission calendars provided with the loan docs - but don't take my word for it!) So it appears that Renee is once again giving us great advice: to check with the lender and ONLY use their respective rescission calendars.

Reply by ReneeK_MI on 12/23/11 6:44am
Msg #407421

RTC = enigma for us, but only us

If we take anything away from all that's been opined about this in the last week, I hope it's the realization that ONLY THE LENDER -specific to their OWN loan - has the answer. This is precisely why I do not, will not and never have looked to anyone's Rescission Calendar (unless it's a specific Lender's).

Fun Facts ...

*Again, the RTC god is the FDIC Consumer Protection/TIL Act, Reg Z - it calls for a minimum of 3 business days, and defines business days to exclude ""Legal public holidays". (I cited this a few days ago).

*A "Legal PUBLIC Holiday" is not the same as the "Federal Holiday" list. (You will note that the "Federal Holiday" calendar specifies that it is for purposes of "pay & vacation time" for Federal employees.)

*It is simply not true that ALL banks are closed during a Federal Holiday - nor does that matter, it's not part of the Federal law specifying how a business day is defined for rescission purposes.

*The law further allows for electronic and fax delivery/receipt of the RTC, and does not disallow any particular day as a "business day" based on whether or not the post office is in service.

When you need an answer to this question during holidays, there is only ONE place to go for it, for each loan you need an answer for. Only one.

If you want to learn about the RTC for your own understanding, again - there is ONE place to go:

http://www.fdic.gov/regulations/laws/rules/6500-1400.html