On a right of rescission notice, is it ok if we have both customers signing the form, as long as we have two "real" signatures on the form, or should we have separate forms for each applicant?

I think that you can either use one or two forms - it's up to you. The important thing is that each borrower that has the right to rescind must recieve a copy of the TIL disclosure and two copies of the right of rescission form.

Right of Recission Notice does not require any signatures.

Not even the original signature stating they have received their copies?

You are correct in that the Right of Rescission form does not require any signatures. However, in practicality, due to the related risk in not executing the right of rescission process correctly, I have never witnessed a bank that does not get a signature on the form.

In keeping with the spirit of 226.15(b) "...a creditor shall deliver two copies of the notice of the right to rescind to each consumer entitled to rescind (one copy to each if the notice is delivered by electronic communication as provided in § 226.36(b))."

Based on this, I have always felt each consumer with the right to rescind should have a "personal" rescission notice in file.

Each consumer must receive 2 copies, but I don't have a copy of each notice given to each consumer. It has already been pointed out that TIL doesn't require any signature, but since most of agree that it is a good idea, 1 copy, indicating that both received 2 copies each is sufficient.

Ditto to David's post. There is no signature requirement. But the lender has to prove compliance to the examiner. Actually, the signature is an examiner-invented concept. If an examiner insists, try the "could you show me where in the regulation it says that?" game. Be polite but firm.