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October 10, 2017

RTC Question created by Ken

Filed under: Ken Edelstein,Popular on Linked In — admin @ 12:29 am

At the end of the package the borrower asks where the 3 day RTC form is. It’s not in the package. They insist that it should be there. You cannot reach anyone by phone.

1. You allow the borrower to hand write their RTC form and you notarize it.
2. Fortunately you have a different loan package with a RTC form with you. You duplicate it and change all entries to match the current loan.
3. You find the loan on the table is for vacation property, you don’t count Saturday when the missing form (via either 1. Or 2. Above) is created.
4. You find the loan on the table is for investment property, thus the RTC is not applicable.

Jeremy’s comments.
I have not signed loans in 12 years and when I did they were mostly refinances. However, not all loans are refinances and the rules of refinances do not apply to all loans. An owner occupied non-investment loan for a refinances gets a three day right to rescind. Investments or commercial loans might not get this privelege.

These days most packages are consolidations, purchases, Helocs, Shelocs, modifications, etc. Refinances are not as common due to the fact that interest rates have not been going down.



  1. As I always review the package when I get it, I will know if it should have a RTC. If it should but it’s lacking, I contact my client before going to the signing. If it has one, I pull their copy from their set and that’s the first thing they sign. (The 2nd us tgeir copy of the Closing Disclosure, as any package with a RTC also has a CD.) There’s no way it would be missing yet not noticed until the end if you do it this way.

    Comment by Tim Gatewood — November 5, 2017 @ 7:28 pm

  2. *is their*

    Comment by Tim Gatewood — November 5, 2017 @ 7:29 pm

  3. In NJ, if this is an investment or 2nd home there is NOT a Right to Cancel, so one would not be there.

    Comment by walter hertz — May 22, 2018 @ 7:06 pm

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