Posted by Barb25 on 2/6/13 1:43pm
Msg #454275

A new one for me.

I am doing the second part of two part signing. I have the non-borrowing spouse. In going over the docs, I see that I have one copy of the RTC which as the midnight date, the same date we are signing. Not that I have done 100s of these but in the past, when I have done one of these 2nd part signings, the midnight date was always changed to reflect 3 days from the signing date to allow for recission. I called TC to question this. Was told no. I rephrased question. No. I said, okay. Your name is? Can you please send me an email. Thank you.

Anybody know anything about this. I thought it was mandatory.

Reply by Donna McDaniel on 2/6/13 2:07pm
Msg #454276

It is my understanding that the recission period begins the next day after the form is signed by the borrower in this case. Why they don't want the recission date changed, beats me. Good thing to get your answer in writing, the person receiving the docs may not have the same thoughts about this.

I would have them put the date they signed the docs next to their signature and leave it at that.

Reply by Barb25 on 2/6/13 2:21pm
Msg #454279

I think someone is "messing" up. The funding date is the day after what would be the end of recission for this nbs if they were changing date. BUT... I will do what I am told but I am covering myself. I got the email, very vague. I rewrote it, sent it back for verification. We shall see. I hate when this stuff happens. Go ask someone, for heavens sake.

Reply by CopperheadVA on 2/6/13 2:31pm
Msg #454285

Yes I think you are smart to get their directions in writing.

Reply by ReneeK_MI on 2/6/13 2:42pm
Msg #454290

well played, Barb. n/m

Reply by Linda_H/FL on 2/6/13 2:43pm
Msg #454292

The rescission date expires at midnight of the third

business day of the latter of 3 events - the date of the transaction, the date they receive the TIL or the date they receive their NORTC.

In your case, your signer is receiving their NORTC and TIL today - meaning the rescission period begins to run now and expires 3 business days from the date YOUR signer signs. Absent instructions otherwise, I'd leave the dates alone since this is spelled out right in the NORTC.

JMHO

Reply by Barb25 on 2/6/13 2:48pm
Msg #454295

Re: The rescission date expires at midnight of the third

I respect you knowledge and hold it in high esteem as truth. But I want in writing from those paying me what they want me to do..

Thanks, Linda. I wish you had been on the other end of the phone.

Reply by JanetK_CA on 2/6/13 3:39pm
Msg #454313

Re: The rescission date expires at midnight of the third

I agree with Linda. Is this a BofA signing by any chance? Their instructions specifically say to NOT change dates on any of their RTC forms, even if they're incorrect. If the RTC form has a date next to the signature of your NBS indicating when she received her copies (and I would make extra copies so you can leave 2 with her), then that's the critical piece. That signature date determines when the RTC period actually ends, according to the statement Linda referred to at the top of the page, regardless of what the dates on the upper part of the form say.

Never hurts to get that in writing, though.

Reply by Barb25 on 2/6/13 3:49pm
Msg #454315

Re: The rescission date expires at midnight of the third

As a matter of fact is it Janet. Thanks. And I only did get one RTC. So I will make a couple of extra copies. I never did get a response from the who told me to read page whatever. I can read certainly. I am just a little guyshy with this particular company. It shouldn't have to be this way. I don't like the game playing. But not all companies do business the same way I have learned. And it is just business. So it helps to have it in writing. I have my email and now your explanation.

Thanks, this will help for the future. Apparently not all lenders handle it the same either.

Reply by Larry/IL on 2/6/13 2:53pm
Msg #454298

I have seen many loans with RTC expiring the same day as the signing with instructions not to change dates. I have also seen loans with RTCs 10days out from the signing and then of course I have seen REFIs on owner occupied property with no RTC at all. All of these were legit. While we are sometimes a last line of defense, I do not get paid to be a lender or title companie's compliance officer, they have people they pay a lot of money for that. I always believe in a quick call to the hiring party to reconfirm an instruction that they might not realized as an added value to my service, but that's it, I am not the document police.

Reply by Barb25 on 2/6/13 3:31pm
Msg #454311

You betcha Larry I am with you. I just ask the question.

That's all. I am covered. "I" want to get paid and don't want any confusion after the fact that I didn't do what they wanted. That's it. On the other hand. If it's not right, I don't want to go under the bus.