Refinance loans have a provision that gives the borrower a 3 day right to cancel after signing loan documents on a primary residence. The borrower loan package will include the (RTC) Right to Cancel form.
The LSA is responsible for accuracy of dates on the RTC. You will always ensure the signing date and the rescission date are correct when signing the borrower. (A good tool verifying dates is found on the National Notary Association website)
Lender packages differ slightly, some will have the RTC form with dates typed in and others may leave a blank space for the LSA to fill in. Either way, when you hand write in ANY date on this form, have the borrowers initial next to it.
The loan package may have multiple copies included or you may need to print additional copies. The LSA will always leave 2 executed copies with the borrower.
View the Right to Cancel training form. Take note on the correction of dates with the signers initials. Also note, there are two signature lines available for the signer. YOU DO NOT WANT THEM TO SIGN THE "I WISH TO CANCEL" LINE - ensure your borrower signs & dates the correct line.
Refinances on investment properties will NOT have a right to cancel.
Get familiar with the Rescission Calendar and how it works. You'll see the calendar date (day of signing) will have an "Ends" date for the recession date. That 3 day period includes Saturdays but Federal Holidays are not counted!