| |
 Dear Signing Agents,
You need to REGISTER and have a password to post or reply to discussion topics. Please remember, your password for your listing on 123notary.com is NOT RELATED to and is different from your password on the forum. Your password on the forum can be whatever you want it to be.
|
|
  1 person liked this post.
| Author |
 Topic  |
|
|
vince
Kansas
324 Posts |
 Posted - 09/13/2009 : 10:52:57 AM
|
quote:
Originally posted by Lisa T.
The first poster said <<<I get this form every now and then with the closing package. In bold letters, it states NOT to sign this form until the 3 days RTC have passed, but the title companies want it back with the closing package.>>>
The forms I've seen have instructions for the borrower to sign, date and fax that form on the day after the 3rd day RTC (if they do not exercise their RTC). No TC I've worked for has wanted that form returned with the signed loan docs. The borrower is to keep the form.
To add to my prior entry, the first two times this came up for me, I asked the borrower to call the (two different) loan officer(s) and seek advice. In both instances, the borrower was advised they did not have to sign the form then and there, but they could, as a convenience (one added) if they wanted to post date the form and send it back in with the package. |
|
|
|
CopperheadVA
Virginia
420 Posts |
Posted - 09/12/2009 : 3:17:56 PM
|
Every TC I've worked with wants this form post dated and returned with the package. I leave it up to the borrower to make the decision to sign at closing with post-date, or take care of sending in themselves on the day after the RTC expires. Most sign it, though.
CopperheadVA
|
|
|
|
Lisa T.
California
391 Posts |
Posted - 09/12/2009 : 11:59:15 AM
|
The first poster said <<<I get this form every now and then with the closing package. In bold letters, it states NOT to sign this form until the 3 days RTC have passed, but the title companies want it back with the closing package.>>>
The forms I've seen have instructions for the borrower to sign, date and fax that form on the day after the 3rd day RTC (if they do not exercise their RTC). No TC I've worked for has wanted that form returned with the signed loan docs. The borrower is to keep the form. |
|
|
|
Renee
Michigan
549 Posts |
Posted - 09/12/2009 : 03:31:58 AM
|
Mr. Mees - you wrote "This form almost begs the notary to be put in between the law and the desire of the lender."
I would disagree. First, the form is not notarized and not signed by anyone but the borrower. Every time I've seen this form, it has been accompanied by an instruction sheet from the Lender. The instruction sheet makes it quite clear that the LENDER is requesting the borrower's signature on the form - not me.
For the record, I couldn't care less what the NNA says about anything. |
|
|
|
mrmees
Wisconsin
14 Posts |
Posted - 09/11/2009 : 8:36:00 PM
|
| The NNA certification text states that under no circumstance should this be signed by the borrower at the table. I guess I don't understand the purpose of it since the borrower always has 3 business days to cancel and otherwise it takes care of itself. This form almost begs the notary to be put in between the law and the desire of the lender. |
|
|
|
Renee
Michigan
549 Posts |
Posted - 05/07/2009 : 07:30:47 AM
|
Whew - gotcha, Bobbi
|
|
|
|
PWinFL
Florida
469 Posts |
Posted - 05/06/2009 : 09:34:51 AM
|
Yea, like a LO even has access to the signed documents within the 3-day rescission period. 
Never drive any faster than your guardian angel can fly.
I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.
Visit us online at http://www.PAWnotary.com |
|
|
|
BobbiCT
Connecticut
135 Posts |
Posted - 05/06/2009 : 08:33:56 AM
|
Sorry Renee, I wasn't replying to your post and know that you wouldn't advise borrowers.
I was referring to the DIY lender form that the borrowers are required to sign at closing that the lender postdates stating the RTC time has passed and the Borrowers have not rescinded, not the standard RTC form. Borrowers sign with fingers crossed because they are afraid their loan won't fund in a timely manner. I've overheard LOs state "It will cost you more money if you don't sign this now, the HUD-1 figures will go up" and the great "Don't worry. If you change your mind, I'll just pull the form from the file."
Bobbi in CT |
|
|
|
Renee
Michigan
549 Posts |
Posted - 05/06/2009 : 07:10:31 AM
|
"A witness closer's verbal assurance that if the Plaintiff decides to cancel the loan, the Plaintiff can complete and mail or fax a second form to the lender during the RTC period..."
I wouldn't want anyone to misunderstand me (and I'm suspecting you may have, Bobbi?) as this is NOT what I said/say/even insinuate to a borrower.
The law (TILA) does not REQUIRE the RTC to be signed - only to be "disclosed" and 2 copies of the form to be "provided". So there's bit of a sticking point, too.
|
|
|
|
BobbiCT
Connecticut
135 Posts |
Posted - 05/06/2009 : 05:07:16 AM
|
Borrower Plaintiff Attorney's FAVORITE requirement !!!
Your Honor, the Plaintiff's were not given the 3-day right to cancel. The lender required to sign and post-date the RTC form at closing and return it with the loan documents. A witness closer's verbal assurance that if the Plaintiff decides to cancel the loan, the Plaintiff can complete and mail or fax a second form to the lender during the RTC period, does not qualify as giving the Plaintiffs a RTC under the letter of the law.
I say nothing and let the borrowers make the decision. 50/50 on whether they will or not. Those that don't write and sign the form stating the 3-days have not passed and they are not signing the form in advance. (I bet that document gets tossed out of the loan file before the state or federal auditor arrives.)
Bobbi in CT |
|
|
|
Renee
Michigan
549 Posts |
Posted - 05/06/2009 : 01:47:09 AM
|
I also hate this form, and I word myself very carefully with it so as NOT to imply that *I* am instructing anyone to complete it. Having it signed at close, IMO, is saving the T/C from obtaining it later - hard for me to imagine the lender directing this to be signed at close.
On the flip side, I don't share the concern that it would cause any problem with rescinding, after signing that they 'haven't rescinded'. Key to avoiding any problems in the event that a borrower DOES rescind is making sure everyone knows BEFORE the money is disbursed. If a borrower just pops their RTC in the mail and never speaks to anyone, and that RTC - while valid - doesn't get to the right person at the right time, the funds can be disbursed and NOW there's a bit of a headache-and-a-half.
To prevent all of that, I always always always tell borrowers as part of my regular RTC spiel, "...and if you DO decide to rescind, the instructions on where to send this form are right here [point]and I would suggest you also pick up the phone as a courtesy, and let it be known that you've rescinded, so the whole machine can be stopped in it's tracks."
Because this IS such a problem, I think many settlement agents routinely speak to borrowers prior to disbursing - since they are unavoidably going to share the larger part of that headache (disbursing on a rescinded loan).
I wouldn't in a million years imagine a lender volunteering to dispute a valid rescind on a loan no matter how many "didn't rescind" statements he was clutching. I have, however, experienced several times where the L/O was (wrongly) sent the rescind notice - and (very wrongly) didn't tell anyone, somehow thinking that was going to 'work'. It doesn't. It's also a nice way to end a career as an L/O. Thinking about it - I've also seen settlement agents disburse EARLY (seriously) ...only to have the loan rescind. Maybe those types weed themselves out of business in short order. |
|
|
|
vince
Kansas
324 Posts |
Posted - 05/05/2009 : 4:44:41 PM
|
| Several times, borrower's expressed amazement that they were being asked to sign this form at the same time they had just signed the RTC. A few have simply written on the form that they are refusing to sign until rescission period is over - then fewer still initialed and dated it. They have a copy in their package and if it is really needed they can fax it in later. Others have said - “this isn’t a problem and will save me time later” - then signed and post dated it for the disbursement date. I do not like the form and happy that it is not in most of the packages. |
|
|
|
PWinFL
Florida
469 Posts |
Posted - 05/05/2009 : 08:27:33 AM
|
I always explain to the borrowers the purpose of the document is to 'certify' that they DID NOT exercise their right to cancel. Of course, the lender/title company would like to have it back, signed and dated to the day after the rescission period expires, but I leave the decision whether or not to future date the form, up to the borrowers. Personally, I personally, would NOT do it. If the borrowers submit the form, signed, and then decide to cancel, they may have some major difficulty in doing so.
Again, whether or not to sign and return the document must be left up to the borrowers, but I always explain what the document is for and what the lender/title company wants. It's their decision.
Never drive any faster than your guardian angel can fly.
I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.
Visit us online at http://www.PAWnotary.com |
|
|
|
suebehere
Ohio
28 Posts |
Posted - 05/05/2009 : 07:22:56 AM
|
Please enlighten me. I get this form every now and then with the closing package. In bold letters, it states NOT to sign this form until the 3 days RTC have passed, but the title companies want it back with the closing package. What date do I have borrowers put on it. 1. The day they sign or 2. The last day to cancel?
|
|
| |
Topic |
|
|
|
| Mobile Notary / Signing Agent Discussion Forum |
© 123notary.com |
|
|
|
Tips for using the forum
The most important feature on the forum is the search box. You can look up a particular word, phrase, name of a company, and see a potentially large list of search results with which you can obtain data. Filters are also valuable. If you want to find popular posts, you can use the number of views filter. You can also see whats new with the active topics link. Email us at info@123notary.com if you need any help using the notary forum.
Resources
The notary public resource page is valuable as it has links to all of the free information pages for notaries. Pages linked to the resource page include a page that teaches you everything you need to know to get the most out of your listing. Another page teaches you all the secrets of getting paid. There is a link to our free list of signing companies. There is also a glossary, learning tools, and much more.
If you are a notary, the free tips we give are invaluable.
Popular pages
If you visit 123notary.com often, you might want to visit some of our most popular pages such as the California notary, Texas notary, Florida notary, and New York notary pages to browse the site. We also have valuable pages for notaries such as the free list of signing companies, and the resource page. Please also visit our get notarized and notarized letter page.
|
| |
Election Not to Rescind
