Posted by Karla/OR on 9/11/12 6:21pm
Msg #433965

Had two CHASE re-fi's today . . . n/m

Reply by Karla/OR on 9/11/12 6:25pm
Msg #433966

Dang it - always hit the wrong button . . . sorry

Anyway, I had TWO different Chase re-fi's today. One had multiple RTC's and the other had NONE! The one without was a re-fil on investment property. Is that normal?

Thanks.

Reply by Clem/CA on 9/11/12 6:29pm
Msg #433967

Re: Dang it - always hit the wrong button . . . sorry

Investment props don't have a RTC

Reply by Karla/OR on 9/11/12 6:32pm
Msg #433969

Thanks for the info Clem! Learned something new today. n/m

Reply by JanetK_CA on 9/12/12 1:00am
Msg #434030

Usually the RTC only applies to the primary residence.

However, I did one tonight for a second home which DID have RTC docs in the package. I believe it's the lender's discretion to offer it or not when it isn't required, but I think this one may have been a mistake, since the borrowers (who are both in real estate) said they were told that the plan was to fund tomorrow. (This was a late call, though, so they won't even have the documents by tomorrow, so that's not happening.) We signed them anyway, as it's not my decision to make - or theirs.

You also won't have a rescission period with a streamline loan, even if it's the borrowers' primary residence.

Reply by Karla/OR on 9/12/12 1:08am
Msg #434031

Re: Usually the RTC only applies to the primary residence.

Sometimes I feel so inept when signing with Borrowers because the docs can be so vague as to what they want. I like to ask questions though vs. just letting it flow by. Luckily today we figured it out, or thought we did anyway, between the two of us. It's nice to know I'm not the only one that gets into these situations!! Misery loves company! :O)

And what is my clue that it is a "streamline loan"?

Thanks so much Janet!

Reply by JPH13/MO on 9/12/12 11:33am
Msg #434061

May not be RTC if refi w/same company on primary res

I refid with same lender last year and there was no RTC. They aren't required to offer one if you refi with same company. Only requirement is refi with new company on primary residence.

I have never seen an RTC on a property that was NOT a primary residence.

Reply by ReneeK_MI on 9/12/12 12:54pm
Msg #434079

another condition to that ...

There is no requirement for a rescission period if it is the same lender AND there is no increase to the amount financed plus costs:

Siting from Reg Z, relative to RTC-exempt transactions:

(2) A refinancing or consolidation by the same creditor of an extension of credit already secured by the consumer's principal dwelling. The right of rescission shall apply, however, to the extent the new amount financed exceeds the unpaid principal balance, any earned unpaid finance charge on the existing debt, and amounts attributed solely to the costs of the refinancing or consolidation.