We have a customer who signed docs on a RE loan. We drew the documents up with the wrong disbursement date (todays date) when it really should be tomorrow's date for the 3 days. Can we just have him initial with a change of the date, redraw documents with the correct date for tomorrow and have him re-sign, redraw documents and have him wait the correct amount of days (3 more days)? He's coming in shortly and need to know ASAP. Thank you for any guidance.

The dates must be accurate when signed, so change them and have the change initialed.

Al

Thank you!

What document shows the disbursement date?
The RoR should show that the right to cancel is up at midnight of the third day. So correcting to show the fourth day's date in that line would be incorrect.

We decided to redraw documents just to be on the safe side so that all dates were correct. Thanks for all the help.

I still don't understand what needed to be corrected. And you cannot correct an RoR, ever. If it's wrong, the borrower has three years to rescind. Redrawing docs will not negate that they already have copies of the first one you gave them.

Can you please better explain what you thought was wrong on the original RoR.

The disbursement date on the other loan documents stated the incorrect disbursement date (disbursing before the rescission date was up).

YOu can't correct an error on the RoR. Period.
You refer to the disbursement date on 'the other loan docs'. Those could be corrected but if the RoR was wrong too, you didn't correct it by giving another one.
Once you gave the original RoR you were done.
Redrawing the documents does not negate the fact that the borrowers now have three years to rescind.
You just called attention to that fact by having them resign.
Now all you can do is wait and hope they don't either default or figure out your error.

It would have been better to fix them at closing and have everyone initial. Once closing is over, the deal is done.