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Right of Rescission: getting it right

By
Services for Real Estate Pros with Mobile Notary Services

Martin Luther King, Jr's birthdayMonday, January 21st, is a holiday. It's Martin Luther King, Jr's birthday.  If you're a notary signing agent, that day has significance in that it affects the rescission date.

There are notary signing agents who claim they don't carry a rescission calendar. Personally I think it's a good idea to carry some form of rescission calendar. Yes, we all know how to calculate the rescission date on our fingers and toes. But we have to be mindful of the dates and special days that affect the rescission date.  And if you overlooked the fact that Monday is a holiday -- Martin Luther King, Jr's birthday, then you made a mistake in calculating the right to cancel date.

closing on 18th - rescission date of 23rdI had a closing on Friday. The Right to Cancel date was wrong. It was dated 1/22/2008, based on a transaction date of the 17th. But we were signing on the 18th, so I had to change the rescission date.

rescission calendar on Palm T|X PDAI don't carry a paper rescisison calendar. Instead, I have one on my PDA. The holiday is shaded blue. I double checked to make sure I changed the rescission date correctly, and had the borrowers initial the changes.

If you are a notary signing agent who is not carrying some form of rescission calendar, I think it's a good idea to do so.

Good luck.


P.S. Quite honestly, I need to look at a calendar each day just to know the day and date.

 

 

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For more information on the Right of rescission, see: § 226.15  Right of rescission. (FDIC Law, Regulations, Related Acts)

Rescission calendar courtesy of Notary Rotary.

 

Comments (3)

Libby Cousins
Extraordinary Processing - Spokane, WA
Contract Mortgage Processor, licensed in WA

Good point!  As a processor, it seems that I have to correct my loan officers/brokers on the FUNDING date quite often. They either include the signing date in the calculation or they forget a holiday or Sunday and include that as well. I didn't realize that there were rescission calendars out there. That is neat! I will have to look into getting those as gifts for my LOs. 

Edited - I went to the link and realize that I can save a copy of the calendar. I will forward a copy to my brokers/LOs so they can referene it when needed. Thanks again!

Jan 19, 2008 04:36 PM
Dave Woodson
Dave Woodson - Chesterton, IN
Not the Average Agent
All i need is my processor is to get one of these and I will rule the world
Jan 19, 2008 04:41 PM