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 NO signature on the TIL ?

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T O P I C    R E V I E W
edelske Posted - 12/03/2010 : 7:02:49 PM
Just had a job - routine - except that the 2 copies of the TIL had no place for a borrower signature. Most unusual in my experience. Called the LO and told them "The signature of the borrower is not REQUESTED on the 2 copies of the TIL". Reply: "Are signatures REQUIRED on the TIL"? Said to LO - "That is what I am asking you". LO seemed unsure of what to tell me to do. Finally, the LO said for me to have ONE copy of the TIL signed and leave the other blank. Personally I think a better "call" would have been to have both signed as it's a simple matter to print additional unsigned copies, but followed LO directive. Question to my learned colleagues: Is the borrower required to sign the TIL at all times? If not, what are the exceptional conditions.

Kenneth A Edelstein
Mobile Notary, Apostille / Legalization Processing & Fingerprinting
http://www.kenneth-a-edelstein.com
2   L A T E S T    R E P L I E S    (Newest First)
Renee Posted - 12/04/2010 : 03:19:24 AM
The TILA does not include any requirement for signatures on either the TIL or the Notice of RTC - it only specifies what information is to be disclosed, when and how it may be disclosed (including via mail or e-mail). The TIL information is even allowed to be disclosed verbally prior to consummation (to comply with pre-disclosure requirements) as long as it is also provided in written form at consummation.

The lender is required to maintain records of compliance for 2 years, and it seems obvious that the simplest way to illustrate compliance would be with signed disclosures - but I've searched and found many court cases (just simple Google searches) where the courts did NOT consider a signed RTC as proof of proper disclosure! While I personally might find that ridiculous, I wasn't asked to be the judge. So apparently, having the TIL & RTC signed isn't guaranteeing the lenders any legal edge (IMHO).

I've seen both disclosures minus signature lines. Always seems weird and illogical, but again - nobody asked for my opinion.

The TILA: http://www.fdic.gov/regulations/laws/rules/6500-1400.html
LindaH Posted - 12/03/2010 : 7:52:33 PM
I've had this happen - it's rare but it HAS happened - that's also one of the rare times I take it upon myself to make an "executive decision" and have the TIL initialed and dated by the borrowers/parties in interest - so NO ONE can ever say it wasn't presented at time of signing.

Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell



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