Posted by sheltn on 10/24/13 7:23pm
Msg #489672

NO RTC

if no rtcs, is loan on primary occupied refi 'legal'?

Reply by Linda_H/FL on 10/24/13 7:24pm
Msg #489673

Sure - RTC can be waived for any number of reasons. n/m

Reply by Ernest__CT on 10/24/13 7:31pm
Msg #489677

Maybe.

There are several reasons why there might not be a RTC. If you are SURE that it is a primary residence that is being mortgaged, then call the firm that hired you. If somebody goofed, you'll be a hero. Of there really isn't supposed to be a RTC, then you've just shown that you are a professional.

Reply by MW/VA on 10/24/13 7:33pm
Msg #489680

Interesting that you brought this up. I had a loan

signing the other day. When I printed the docs I noticed there was no RTC in the pkg. I called the tc, because I felt the situation called for one. Sure enough. They went back to the lender & sent me the RTC's. Always check with your hiring party on any questions like this.
It's another point for not being a "print & run" notary. If I hadn't checked the pkg. I might have arrived without all the docs necessary to complete this loan.

Reply by Susan Fischer on 10/24/13 7:41pm
Msg #489683

One of those jewels that shine like starts in NotaryLand. n/m

Reply by sheltn on 10/24/13 7:51pm
Msg #489686

Re: Interesting that you brought this up. I had a loan

Naturally late docs .no l.o. or title answers. property was in different county,
so I assumed it was investment property. asked the bo
when we sat down, (we met at a restaurant) if this was investment.
"no its our home, we live way out in the county."

Reply by MW/VA on 10/24/13 7:56pm
Msg #489688

Unless the RTC was waived because they were refi'ing

with the same lender, it will probably be a re-sign. You did what you could.

Reply by Bear900/CA on 10/24/13 7:46pm
Msg #489685

Yes, in some cases

FDIC, 6500 - Consumer Protection, Section 226.23—Right of Rescission,
23(e) Consumer's waiver of right to rescind

http://www.fdic.gov/regulations/laws/rules/6500-2380.html

1. Need for waiver. To waive the right to rescind, the consumer must have a bona fide personal financial emergency that must be met before the end of the rescission period. The existence of the consumer's waiver will not, of itself, automatically insulate the creditor from liability for failing to provide the right of rescission.


23(f) Exempt transactions.

1. Residential mortgage transaction. Any transaction to construct or acquire a principal dwelling, whether considered real or personal property, is exempt. (See the commentary to § 226.23(a).) For example, a credit transaction to acquire a mobile home or houseboat to be used as the consumer's principal dwelling would not be rescindable.

2. Lien status. The lien status of the mortgage is irrelevant for purposes of the exemption in § 226.23(f)(1); the fact that a loan has junior lien status does not by itself preclude application of this exemption. For example, a home buyer may assume the existing first mortgage and create a second mortgage to finance the balance of the purchase price. Such a transaction would not be rescindable.

3. Combined-purpose transaction. A loan to acquire a principal dwelling and make improvements to that dwelling is exempt if treated as one transaction. If, on the other hand, the loan for the acquisition of the principal dwelling and the subsequent advances for improvements are treated as more than one transaction, then only the transaction that finances the acquisition of that dwelling is exempt.

Reply by sheltn on 10/24/13 7:58pm
Msg #489689

Re: Yes, in some cases

I guess I'll be seeing them again.

Reply by Gary/Wa on 10/26/13 9:47am
Msg #489859

Re: Yes, in some cases

Lets not forget we are notaries and not loan officers. I am sure most of us check our docs and if something appears to be left out we can make an inquiry. At least we are on record on questioning.