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Posted by  BrendaTx on 5/19/06 9:32am
Re: Signing took place before date on DOT and Note
Posted by ReneeK_MI of MI on 5/19/06 4:56am
Msg #120959 from logged in user
You'll probably have to have the RTC re-signed.
Lenders have 104 reasons for closing prior to the printed "Transaction" date, and it's all perfectly legit, legal and their decision to make AS LONG AS you use the current, correct date when notarizing. Generally, the borrowers are also to use the current, correct date wherever they place a date, also.
However, NEVER shorten anyone's rescission period, unless you are specifically instructed to do so.
There are several dates for loan documents:
TRANSACTION date = the date the transaction becomes effective, and that might be in the future. If it's in the past, most likely it's an error but not necessarily - however, the RTC then should be corrected (and I would recommend by lender's directive!). This also brings the interest adjustment into play, and a call to verify the docs are dated correctly would be in order.
SETTLEMENT date = this is the date on the Hud, and should match the date being signed, do not change to correct w/o receiving lender OR title's directive
PRINT date = simply the date the docs were printed.
DISBURSEMENT date = date on Hud indicating the projected disbursement of funds. It's not ALWAYS printed or shown, often is blank. It's also the date used to calculate the interest adjustment, would generally be the date after end of rescission date (next business day). NEVER change this (unless by specific directive of title).
SIGNING date = this would be the date actually signed. Anything YOU date would always be with actual & correct date.
RESCISSION or End of Rescission date = the date the rescission period ends. This can be LONGER than the minimum of 3 business days.
To "Back-date", for those who need clarification, is for the Notary to use a date prior to the actual & correct date. This is illegal. (Of course, they would want borrower to back-date as well.) It is requested with the intent of fraudulently presenting the docs as if signed the day (or days) prior, in order to disburse sooner (usually to meet the end of the month, usually so the L/O can have that loan in this month's paycheck). Not only is it illegal for YOU, it is illegal (FEDERAL LAW) for THEM to fraud the rescission & usually it becomes shortened to less than three days.
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