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#1641930 - 12/21/11 07:13 PM Date Received for loans sold to secondary mkt
CaseyBoo30 Offline
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Joined: Feb 2007
Posts: 262
Winchester, KY
What date received should be noted or is the best choice to be noted on the HMDA LAR for a loan sold to the secondary market? The file contains 2 applications, an original and a second typed application where the date is the same day as the loan closing. The Regulation and staff commentary are somewhat vague in that they say to used the "date received" or the "date on the application". Both applications are dated and both contain a date received. I would think the first untyped application would be the "true" date received and the correct date to use but the compliance officer for the bank i work for is using the typed application dated the same as the loan closing. Any thoughts will be greatly appreciated.

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#1642194 - 12/22/11 02:04 PM Re: Date Received for loans sold to secondary mkt CaseyBoo30
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,951
Bloomington, IN
Quote:
The Regulation and staff commentary are somewhat vague in that they say to used the "date received" or the "date on the application".


The date received is the date the bank actually received the application. Most banks date stamp when the application is received, absent a date stamp you would use the date on the "original" application.

Quote:
the compliance officer for the bank i work for is using the typed application dated the same as the loan closing.


As an examiner your CO would have to prove to me that you received, processed and closed the loan in one day, otherwise I would cite you for LAR entry errors for the date application received field.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1642590 - 12/22/11 08:48 PM Re: Date Received for loans sold to secondary mkt CaseyBoo30
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,355
Dan's absolutely right (of course).

Further, using the typed application dated the same as the loan closing, you could get nailed for violations to a whole bunch of other Regs too. RESPA & MDIA, loan date is trigger date for disclosure and 7 day waiting periods, respectively; UW, need an application date to determine if you got the loan underwritten in time; etc., ad nauseum.

Date stamp when received OR date face to face signed are really your only choices.

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