Posted by Patti Corcoran on 1/18/13 7:47pm
Msg #451105

BofA, FAX backs and no RTC

Second one today where the loan is for primary residence, BofA requires lots of FAX backs and thee is no RTC. I know that the borrower can decline to have the RTC. Is BofA asking them to do that so that we have to FAX back huge amounts and they can close immediately.
There was no form that indicated that the borrowers had declined the RTC. Your opinion? Thanks

Reply by Barb25 on 1/18/13 7:49pm
Msg #451107

I have done loans for BoA that are on primary residences that are non-recission loans. I am not sure of the circumstances but it has nothing to do with the borrower preference.

Reply by CarolF/NC on 1/18/13 7:52pm
Msg #451108

You like BofA as much as I do:)

Hope you find the answer.

Reply by Linda_H/FL on 1/18/13 8:19pm
Msg #451116

Lender has the option to waive the RTC

if it's a same lender refi, even money/no cash out, or at their discretion. It's also possible the borrowers showed hardship and immediate need so they waived rescission in advance.

JMO

Reply by MikeC/TX on 1/18/13 8:43pm
Msg #451122

NO RTC is required if it's the same lender and there's no cash out. Borrower can only decline the RTC if there is a hardship. They want the faxbacks because the loan will fund same day, just like a purchase.

Reply by Patti Corcoran on 1/19/13 10:52am
Msg #451172

Re: My point was that I did two in a row, both had no RTC.

I was wondering if BofA was doing this as a means to require us to do all of those FAX backs. This was in response to an earlier thread about BofA now requiring tons of FAX backs.

Reply by MikeC/TX on 1/19/13 3:37pm
Msg #451220

Re: My point was that I did two in a row, both had no RTC.

No, they couldn't do that - if the transaction requires an RTC, they can't just decide to have everything faxed back and fund immediately. You probably just got two in a row that fell into the category where no RTC was required.