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#21895 - 06/25/02 08:22 PM Respa
Jodi Offline
Member
Jodi
Joined: Jun 2002
Posts: 87
Ok, I know some of you will want to slap me but I have an issue that is probably easily confused and technical...at least here it could be. When figuring the 3 days to deny a loan to purchase a primary residence if the loan app is taken on a Thursday, is this DAY 1? Then the loan is denied on the following Tuesday. Is day 1 the day you take the app? Or is day 1 the day AFTER you take the application?

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Lending Compliance
#21896 - 06/25/02 08:41 PM Re: Respa
Anonymous
Unregistered

The meter starts the first business day after receiving a written application.

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#21897 - 06/25/02 09:06 PM Re: Respa
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Jon is correct. In your case Friday is day 1. Tuesday is day 3. The PTIL and GFE are due by the third day (& the Servicing Disclosure Statement if it wasn't given in person at the time of application).
_________________________
David Dickinson
http://www.bankerscompliance.com

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#21898 - 06/25/02 09:07 PM Re: Respa
Jodi Offline
Member
Jodi
Joined: Jun 2002
Posts: 87
So day 1 is the day after, thanks for your reply!

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