To stay legally compliant you need to leave them with 2 copies. Make sure their copies have the correct dates. Some lenders want 1 copy back while others want 2 or 3. That is a question that you have to ask a lender. I use the ones in the borrower copy as the 2 for them to keep.
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I hand it to them at the table its sealed so the focus is on what we are doing. I print both sets at the same time. I go through one set check everything and separate and paperclip and flag everything. If I see anything that might raise a question with the borrower or if I have questions I contact lender ahead of time to verify and have them correct anything that isn’t right
Wow that is a lot of prep work. How long does it take you to do all of that? If they Right to cancel does not have the correct dates, do you open their envelope and have them correct the dates?
I rather do the prep work so when I get there everything goes smoothly and quickly. It only takes about 30 minutes top. So far I haven’t run into one where the date of signing was not performed on the date that it has and the rescission date was correct or the date performed was correct and I just had to write in the rescission date.
All well and good handing it to them at the table sealed…as long as you’re double checking your printing and EACH PARTY OF INTEREST IN THE PROPERTY/TRANSACTION have two copies EACH of the NORTC…and no less no matter how many copies you have to make.
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Elevator version: Send back one signed copy per borrower, the rest stay behind.
The RTC usually comes as one signer, three copies. Sometimes both signers are on one page and only two pages in the set. I have rarely sent all three signed copies back to the Lender. The Lender gets one, the signer gets all other copies. Some packets have a signer sign Individually on three RTC and Trustee on three RTC, one of each type goes back to the Lender. I do not ask my signers to sign all three sets when no corrections are required. There is a high chance no one will ever see those documents again. If they are going to cancel the proper signature line is usually placed in a box and a Borrower wishing to cancel will sign every spot on the page before sending it in.
Sometimes the RTC has the wrong dates, the dates have to be corrected and the correction initialed by the Borrower. Some have an extra date line which says “Notice of Right to Cancel received on” and this one is also initialed even though there is no correction involved.
Check all documents at the table whether you have been a notary for six minutes or six years. The RTC must be flawless so no need to send back three. Flawless includes a legible date. It is worth the extra ten seconds it takes to look at that signature line.
Fully 5% of the signings I do have to have a modified RTC. My prep is to review the documents before printing to look for exotics or missing pages. On assignments with multiple signers you will thank your stars if you make sure all are present when you arrive and it will save you a print and show if someone is missing or doesn’t belong on the docs in the first place.
I do not clip, flag or over-handle the pages, no sticky notes either. As notaries we are supposed to be familiar with the pages in general, not the specifics of our borrowers loan.
You send only one back and give 2 to borrowers. BUT, WHAT DO YOU DO WHEN YOU PICK UP DOCS AND DON’T HAVE TIME TO PREP TO INCLUDE AN EXTRA ONE. AND, TITLE MAKES BORROWERS SIGN THEY ARE RECIEVING 2. OH, DID I MENTION, THAT THE TITLE IS GOING GREEN AND ONLY PROVIDES YOU ONE SET OF DOCS AND NO COPY PACKAGES?
You are right…there are so many untrained notaries out there…
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Legally the borrowers are required to receive TWO EXECUTED copies.
One last thing …if you go to NNA they have info on this and all other info…this is addressed there.
May I ask - what you mean by “you pick up docs?” - where are you picking up docs?
Thank you for clarifying this! So if they do decide to cancel, they would use the already signed copy, but they would sign/date inside the box, correct? Or would they use the blank copies that I gave them with the rest of the docs? That’s where the confusion lies for me.
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Only one goes back to the lender, the extra ones are there in case the customer makes a mistake, can you can use one of those.
The customer has their right to cancels in the other copies of documents you gave them. Customer copies
You are correct! She should’ve left 2 with you and only sent 1 back.
This depends on the lender. All three copies MUST be signed and ALL THREE COPIES RETURNED with the package. Instructions for this may also be in your closing details from the lender.
If the borrower(s) is to keep copies they still MUST be signed and will be marked as follows:
ORIGINAL - This is to be returned with the package
BORROWERS COPY - Borrower(s) keeps this
This has been my experience each and every time. I hope this helps.
You have them sign three and leave two with the signer. I am stunned that so few people do this properly, but I have seen running debates with hundreds of comments arguing about this exact thing. Here’s what you want to keep in mind. If you do not do this properly, the signer has THREE YEARS to back out of their loan on a technicality. And when that happens it is 100% on the untrained notary that didn’t leave them the required executed copies. I hope you’re carrying good E&O.
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In which case you’d better be making extra copies so you have sufficient copies to leave two per party in interest, no matter WHAT title tells you (“we’ll send them their copies via email” - no, don’t fall for it cuz if the copies don’t get sent it’s on you). And, as @Pitizenlyn said, if you don’t it could bring on some serious consequences.
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