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November 16, 2017

Goofing on the RTC

Filed under: Notary Mistakes,Technical & Legal — admin @ 3:58 am

To be Notary, you need to be a cautious and meticulous person. The problem is, that most Notaries are amazingly careless and go into this profession because anyone can get in. This is a problem. You would not believe how many people goof on the RTC when I ask over the phone.

If a Refinance is signed on a Friday, and Monday is a Federal Holiday, when is the last day to cancel?
The answer is Wednesday night at 11:59pm.

30% of people goof on this ridiculously easy question and say Tuesday and a few say Thursday. What is the problem here? Many Notaries have poor listening comprehension. They are not really paying attention or listening when they are supposed to be listening — even during a test that determines their future. Many others do not concentrate on what they are thinking about. Sometimes it is good to review the situation two or three times in your head before giving an answer.

The Notary profession involves a lot of phone conversation, a few emails and texts as well. If you cannot think and be cooperative over the phone, you will not make it in this profession. It is easy to date a right to cancel. That is kid stuff, yet many Notaries cannot do this.

You can get SUED if you date an RTC wrong.

I signed 4000 loans in my career and did not goof a RTC even once. I made about six technical errors in my career which is not bad. I made more than six social blunders, but as you know, I am not the most socially smooth person in the world.

So, practice the RTC. This is called studying. Remember the basic principles.

The day of the signing doesn’t count as a day to rescind.
Sundays and Federal holidays don’t count as days to rescind.
Friday after Thanksgiving does count unless the Lender says it doesn’t count.
Saturdays are business days or rescission days and do count.

A borrower in a Refinances has three calendar days to rescind not including the day of the signing, Sundays or Federal Holidays.

It’s not rocket science. Learn it correctly so you don’t get fired or sued.



  1. One of the aspects of being a mobile notary is the unending variation in situations. Rarely are we board. It’s never an assembly line worker doing a repetitive task. IMHO Jeremy is “mostly” right about the RTC calculation. But, his absoluteness as to calculation methodology must not be applied by rote. I have had RTCs that calculate the 3 days using “weekdays” and sometimes “workdays”. Thus, in a very few situations Saturday is not one of the 3 days.

    I decline to both witness and notarize because in some states it’s not permitted. I don’t know where my notarizations might be adjudicated. Generally OK, but sometimes not. The RTC formula can vary too.

    My point is that each sheet of paper that we handle requires us to KNOW the proper process. With the RTC (unless the recession is preprinted), and a Saturday is “in sight” – I ask about the applicable formula.

    Comment by Kenneth Edelstein — November 16, 2017 @ 4:42 am

  2. Many signing companies also put out an easy cheat sheet that has the 3 day recession period clearly indicated on and for every calendar day. Don’t be too proud to back up your brain power with reliable tools to double check your work.

    Comment by David R Collins — June 7, 2018 @ 6:27 pm

  3. RTC Rescission has always included Saturday as a business day. Jeremy is spot on. Don’t know of any deviations due to state law for the right to cancel in a loan closing. Time shares and Contracts have deviation by state for recission but the rules are different for them.

    Comment by Roseanne — September 2, 2018 @ 5:35 pm

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