I need to know your collective practices on whether you provide EACH borrower with TWO Fully executed copies (signed/dated at closing) of the NRTC. I’ve asked the NNA hotline and the answer is YES, I’m supposed to have the borrower and co-borrower each sign 3 copies, take 1 copy from each person and return with the package; leaving 4 signed copies. Ive been doing that for a while now. Last week however, I had my very own Refi closing. A notary came, delivered our package, and when she got to the RTC forms, my husband and I signed 2 copies each, and then she took all 4 back and wouldn’t leave a signed copy with us. We discussed it Signing Agent to Signing Agent, and she said that she has never left a signed copy with the borrowers even if she was provided 6 copies in the packet. She said that the blank copies in our packet qualifies as having “provided the borrowers with their copies of the NRTC”. She further stated that no Title company has ever dinged her on it in 30 years. Even I know as a relative newbie that Title companies rarely, if ever give you feedback.
So, I ask you veteran Signing Agents (or Title Companies in the pack): what’s the right answer?
When the clients sign the RTC’s, they are signing that they received 2 signed copies. If the notary is taking all of them back, he or she is wrong! If tje is the case tje notary would still habe to remove the RTC from the client’s copies and have them sign and date them. The dates also need to be changed sometimes and initialed by the borrowers.
I believe that some companies dont care if the notary does not give back the signed copied, afraid that if would encourage borrowers to change their minds.
Tha same thing happened to my wife and I. No signed copies were left with us. She said that we have copies in our pack. But would happen if the notary did not check and they would be missing? She also missed a signature and the Escrow officer had us signed electronically. That should have been the notaries responsibility.
Just keep on doing what is right.
Agree with chrisparreira.
I gave the proper two copies of the right to cancel to the signers and one copy to the title company. I received a phone callFrom the service I was using telling me escrow wanted all three copies back no matter what it said. I told her this was a violation of the contract and that the signer had signed to indicated they got two copies, so this would be false. I have done almost 100 signings and this was the first time anyone complained. A little confused as to what to do in the future. I do not like people calling me to complain that I did something wrong when I did it right. What do you think?
It’s not a violation of the contract - it’s a RESPA violation - on your part and on title/hiring party (moreso on them via their instructions). What I would do in the future is get as many as you need signed so you leave 2 for each party in interest and send back the number of copies that title wants - if it means getting 7 or 8 signed, then so be it
i.e. if the package comes through with 3 NORTCs in it then get all 3 signed and return them - also get all 3 in borrower’s copy signed, plus one, and leave those 4 with them (based on 2 signers).
More than likely a late response, but to anyone that may read this in the near future, I do not remove any of the Notice Of Right To Cancel forms even if they send four of them. I make sure that the borrowers sign all four and include them back in the package. However, I do give the borrowers copies of what they signed aside from what I am sending back.
Adriana
I’ve only had 1 lender wanting all 3 copies back. The answer to this is its in the lender’s instructions included in the package at the beginning of Lender docs to the closing agent. It has a section that addresses NORTC.
If it’s not there, call/email Title and ask just to be sure. As a matter of practice, I always send back 1 copy per signer and leave “2 fully executed copies” for each signer as the instructions say on the form above the signature line. The NNA Hotline also says that.
My understanding is that we are supposed to leave 2 copies (per signer) with the borrowers so that they have executed copies just in case they want to send it in to cancel. My question is, where do I have them sign on their copies? I thought it was on the line stating that they did not want to cancel, but would that cause confusion if they did decide to cancel?
Agreed on having clients sign all of the NORTC included in titles package and return to title. However the copies in the clients package, we do not have them sign the NORTC forms leaving them FREE to sign the cancel part if they wish to do so. As all of the other clients forms … they do not sign.
I always had them sign all copies, including all copies I left with them - they sign on the line where they certify they received two copies of the NORTC - the signature line for cancellation is left blank for their use should they decide to cancel.
Thank you for the responses!!!