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#1171277 - 04/28/09 03:35 PM Days Allowed Before First Loan Payment
Compliance2009 Offline
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Joined: Apr 2009
Posts: 9
I work for a firnancial insitution and wanted to find out regulatory guidance regarding the length of time allowed prior to the first loan payment. General guidelines is 45 days but is this a regulatory requirement? If not, can we extend the first loan payment to 55 or 60 days?

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#1171399 - 04/28/09 05:02 PM Re: Days Allowed Before First Loan Payment Compliance2009
HRH Okie Banker Offline
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Posts: 3,070
Oklahoma
I'm sure someone here can give you the legal parleze to this question - but from what I remember the old 45 day rule was for Rule of 78 loans along (llloooonnngggg) time ago. I do see alot of bank that still use 45 days as a general rule for guidance. We do, in fact, here.
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#1171428 - 04/28/09 05:26 PM Re: Days Allowed Before First Loan Payment HRH Okie Banker
RR Joker Offline
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The Swamp
This will be under your state rulings, if any.
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#1173002 - 04/30/09 11:50 AM Re: Days Allowed Before First Loan Payment RR Joker
Richard Insley Offline
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Richard Insley
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Toano, VA
If the loans will be sold, also pay attention to investor requirements.
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