Skip to content
BOL Conferences
Thread Options
#1503896 - 02/02/11 04:40 PM Action Taken Date
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
We have a HELOC that was modified into a HELOAN last year and I need to confirm what to put for the action taken date. Here's the scenario:

Loan documents (Note, Mortgage) are dated 9-15-10 (which was the maturity date fo the HELOC), but actually were signed by the borrower on 10-28-10.

The HUD was dated 10-21-10 (not sure why but that's another matter), but actually signed 10-28-10.

As far as I am concerned, the action taken date is 10-28-10, but when it was booked on the system, the date was 9-15-10.

Am I on the right track using 10-28?

Return to Top
HMDA

   
HMDA Academy
#1503920 - 02/02/11 05:04 PM Re: Action Taken Date Many Hats
zitch70 Offline
Gold Star
Joined: Apr 2001
Posts: 331
Edinburg, Texas
The customer became liable on 10-28 when the documents were signed. The 9-15 date is so the lein position remains. If the customer did not sign the new docs would not be valid.

Action Date 10-28

Return to Top
#1503922 - 02/02/11 05:05 PM Re: Action Taken Date Many Hats
Dan Persfull Online
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Yes. They are backdating the note & system to avoid having to collect additional interest from the borrower and to hide a delinquency.


Hopefully all your required closed-end disclosures & timing requirements - ETIL, GFE, MDIA, HPML, etc were met.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#1503950 - 02/02/11 05:33 PM Re: Action Taken Date Dan Persfull
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
Most definitely...thanks!!

Return to Top

Moderator:  SMQ, CRCM