Ok, notaries, I have a question for you all.
Question:
At closing, the borrower should receive a notice of the right to rescind. If two copies are not provided to the borrower at closing, the right to rescind extends from 3 days to:
A. 3 years
B. 30 days
C. 1 year
D. 10 years
It is imperative that they each get two copies at closing! So which one is the correct answer?
A-3 years as per the regulation In the truth in lending
For information about the regulation verbiage, see this direct url:
https://www.consumerfinance.gov/rules-policy/regulations/1026/23/
Random thoughts: How does a Notary prove Borrower received 2 copies of the RTC? Conversely, how does a Borrower prove they didn’t?
Well, I guess it all goes back to the signature… saying that they acknowledge that they received two copies when they signed it and the lender has one of the originals showing this. That is all they need to prove it. IMO
