I have never heard of this. I will begin doing this. It makes sense when you think of the timeframe if they do wish to cancel. Half the time they can’t get through to the company with a question.
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You are correct! The lender includes the number of copies they require and I always make a copy of the entire package for the signers,so extras are in their packet as well.
Thank you this was very helpful. No one really explains this stuff in the courses!
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That is an absolute shame that this was not covered. That explains why in every loan package every lender I come across feels the need to print 5 pages of explanation on some of the basic parts of this job. SMH
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Extras in the packet the borrowers keep is fine, BUT, what if the critical dates haven’t been filled in? I find I often have to pull out my rescission calendar and fill in the dates the lender left blank. Undated RTC are useless.
Just thinkin’ it all through.
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Might be a bit late to this convo.
Can’t you also have the signer sign the copies they have on their packet also? they keep those ones and you send back form your packet?
Also, Can you send me the action plan: Chase.
Thank you =]
The law states that the signer has to have 2 copies. It does not state the lender does NOT get 3 as well. Whether or not the signer has to sign all of them is directed by the lender and their entity requirements. Please see 1026.23 Right of Recission law from the Consumer Financial Protection Bureau https://www.consumerfinance.gov/rules-policy/regulations/1026/23/ or https://www.consumerfinance.gov/rules-policy/regulations/1026/interp-23/#23-h-2-Interp-2 with interpretations.
We just had a lender make a notary, who sent us 1, go back for the other 2, last week. I don’t know if its a location thing or a state thing but we hear what you said a lot. However, if we receive 1 back instead of all 3 we have to call title/lender for an exception and they get pretty irritated that we even ask in a lot of cases. In some cases, they won’t give us an exception at all and our notaries have to go back. In our instructions we ask for all 3 copies to come back with our packages and we have our notaries have the signer sign all 6 (their 3), IF our lenders instruct us to do so.
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