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#1317004 - 01/04/10 06:46 PM Date action taken
Many Hats Offline
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Joined: May 2008
Posts: 915
Orlando, FL
We took an app for a HELOAN on 12/4 and dated the docs 12/10, but it was a mail away and the borr did not sign until 12/21. We have the date of action taken as 12/10, but should it be when they actually signed the docs?

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#1317015 - 01/04/10 06:54 PM Re: Date action taken Many Hats
Kelsey D Offline
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Joined: Aug 2006
Posts: 516
Ohio
What matters is that you're consistent from one application to the next. We use the date that the lender signs the application as being received. If we have a lazy lender who didn't sign the application, we use the date of the early disclosures.

Do many banks report HE loans? We don't go beyond what's required.
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#1317018 - 01/04/10 06:57 PM Re: Date action taken Kelsey D
Many Hats Offline
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Posts: 915
Orlando, FL
This was a closed-end home equity loan.

The app was taken 12/4, but what we are confused about is whether to put the date of action taken as 12/10 (the date on the closing docs), or to use 12/21 - the date the borr signed the closing docs.

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#1317023 - 01/04/10 07:00 PM Re: Date action taken Many Hats
hmdagal Online
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hmdagal
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I think that as long as you're consistent in similar situations you could use either date. We use the date on the closing docs.

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#1317028 - 01/04/10 07:04 PM Re: Date action taken hmdagal
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Posts: 915
Orlando, FL
That's typically what we do also...and we rarely have a mail away closing. I'll go with the date on docs.

Thanks!

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