Posted by Patti Corcoran on 5/16/12 12:24am
Msg #420945

3 day RTC is not necessarily 3 days?

I was given written instructions not to change the dates on any of the docs. OK, no problem. Signing was this last Sunday (Mother'sDay). I see that the RTC is dated incorrectly, both the beginning date and the end date. Now this happens sometimes and I have always done what I was taught: change the dates and have both signers initial the dates. Now Title wants them resigned with the origial dates. This is what I was told: the law requires that they give the borrower a minimum of three days but they can give them longer. Well, that is a new one for me. Many of you probably already know this, but it is the first time for me. The dates that they want signed are beginning 5 days before the signing and ending at the end of the month. This old dog can still learn some new things.

Reply by JanetK_CA on 5/16/12 3:10am
Msg #420950

Right about legal requirement of a MINIMUM of three business days.

Was this a BofA loan? They don't want dates corrected on their RTC forms, even if they show the RTC period is passed, but every lender addresses the requirements a little bit differently. It's one of the many lovely things that makes our lives interesting and keeps this work from being a cakewalk...

Reply by Linda Juenger on 5/16/12 7:33am
Msg #420951

If I'm not mistaken, JB Nutter loans have a longer RTC period. I've also seen this with another lender, just can't think of it at the moment. If it was a longer period than 3 days, why did you cross it out? Not our job to determine those dates. Also, the date of the beginning of the rtc period has to match the date on the mortgage, so crossing this out was a mistake. The end rtc period has to be at least 3 days but can be longer. I've seen this several times. I know you've never seen this before, but to cross out dates without being told to is risky.

Reply by Dorothy_MI on 5/16/12 8:40am
Msg #420953

I've seen in on some FHA's that fund at the end of the month

Reply by GWest on 5/16/12 8:43am
Msg #420955

Wells Fargo also does this on their refi's n/m

Reply by JanetK_CA on 5/17/12 2:37am
Msg #421075

"the date of the beginning of the rtc period has to match the date on the mortgage"

Not necessarily. Some lenders don't want you to change the dates, even if they're wrong. Some DO want you to change the dates to match the current date, even if the Mortgage (or DOT) has an earlier date. The key date is when they actually receive the notice - and whatever that particular lender wants.

Reply by Pro Mobile Notary on 5/16/12 10:33am
Msg #420975

Janet, Provident Funding will not allow changes to any of their docs or they will force a redraw and a resigning for any minor blemish on their docs. Yes, they will not allow the changing of the RTC dates also.

Reply by JanetK_CA on 5/17/12 2:42am
Msg #421076

Very true. Guess I've been lucky. Nearly all of the many Provident packages I've seen, though, have been date sensitive, so that hasn't been an issue for me so far. And the very few I've done that weren't date sensitive didn't have an RTC for a variety of reasons.

Reply by MW/VA on 5/16/12 8:49am
Msg #420957

"I was given written instructions not to change the dates on

any of the docs". I'm confused, Patti, as to why you ignored those instructions & changed the dates on the RTC. It is a 3-day minimum, but IMO it wasn't your call to make without checking with the hiring party.

Reply by Linda Juenger on 5/16/12 9:18am
Msg #420962

Patti, if you had left the dates alone and they were wrong, it would have been on THEM to send you back to correct them and you could have charged another trip fee to correct THEIR mistake. But since you took it upon yourself to change these dates, its on YOU to get it fixed at your expense. Your profile says 5 years of experience, and your instructions said NOT to change any dates on docs. Lesson learned here.

Reply by Patti Corcoran on 5/16/12 9:36am
Msg #420964

Re:Yes, a lesson learned. n/m

Reply by Bob_Chicago on 5/16/12 9:53am
Msg #420966

P:rinted dates do not necessarily matter

Not trying to pile on, but read the language of a typical RTC

"YOUR RIGHT TO CANCEL
You are entering into a transaction that will result in a mortgage, lien or security interest on or in your home. You have
a legal right under federal law to cancel this transaction, without cost, within three business days from whichever of the
following events occurs last:
1. the date of the transaction, which is xx/xx/xxxx; or
2. the date you receive your Truth in Lending disclosures; or
3. the date you receive this notice of your right to cancel.
.......

If you cancel by mail or telegram, you must send the notice no later than midnight of xx/xx/xxxx
(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."

In spite of whatever date is printed on the dox the period starts on the day the RTC form is signed and ends at midnite. three business days after that date.
Some lenders want the dates as shown on the RTC to reflect the actual date of the signing and others do not.
So long as you have the borrower date their signature as of the current date, the RTC shoud be "legal".

Reply by MichiganAl on 5/16/12 10:21am
Msg #420974

Citi has been giving borrowers more than three days as well

Only correct the date if it is LESS than three days. It is the lender's prerogative to give more if they choose. Just as it is the lender's prerogative to give the borrower three days when they don't have to give them any right to cancel, such as a no cash out lender to lender refinance.