Our right of rescission forms have two signature lines on them. One that is signed by the applicant stating that they have received notice and the second one stating that they are not rescinding it. The second signature is obtained after the 3rd business day. For example we had one that they signed on Wednesday 8/13 and resigned on 8/18 Monday.

This is a laserpro document and our external examiners are telling us that we are creating a violation and that they've never seen a form like this. Does anyone else have this? Opinions?

Ask them to provide you with the cite for this "violation". There is nothing wrong with what you are doing provided both sections (receipt / not rescinding) are not signed at closing and future dated. FYI - Laser Pro gives you the option to turn off the receipt section or include it.

I believe the form you use is more commonly used than not. True, the signatures proving receipt and not rescinding are not necessary, but are widely used to prove both. In many cases, secondary marketing requires that proof.

By external examiners, to you mean auditors or regulators?

It isn't a violation because it isn't required.

At my former employer, we used LaserPro documents and our rescission forms had the confirmation section at the bottom, but our lenders were not getting them signed. We got criticized over it. So, we turned off the option - no more confirmation section, no more criticism.

Keep watching the CourtWatch page. I'll be posting a case on this specific issue that sounds like it is exactly what you're mentioning. If seen as a real problem, I would expect vendors to reconsider the forms design or at least the instructions at the "I have not rescinded" section.

Wiggins v. Avco

http://www.bankersonline.com/infovault/courtwatch.html#tila

And thanks to Dan P for bringing this case to my attention.

I won't opine on the forms banks use. You and your attorney need to make that call. Banks and closing agents absolutely MUST ensure the forms are signed in the chronological order that they are intended to be.