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Dates for Signing Loan Docs & Disclosures
Answer by Dan Persfull and Randy Carey, BOL Gurus
Guru Bios
Question: If we provide a copy of the 1003, GFE, TIL and broker business contract to the borrower 3 business days prior to the closing date and the borrower has reviewed the documents, but did not sign them since they will sign these documents at closing, is this acceptable? Does the borrower have to sign 2 sets of 1003, GFE, TIL and broker business contracts- one before the closing date and one on the day of closing?
Answer by Dan Persfull: None of those documents have federal regulatory signature requirements. You will have to review your internal policy requirements and any investor requirements.
Answer by Randy Carey: In addition, this may be governed under state law. In Texas, loan documents have to be provided to the borrower one day in advance for specific types of home loan transactions. While the borrower does not sign two sets of documents, they usually sign a document attesting to the fact that the disclosures were delivered and reviewed.
First published on BankersOnline.com 3/31/08
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