It is our policy to obtain written, signed commercial applications. Our Special Assets department is working with a customer to refinance their troubled debt. They have had many email and telephone conversations and clearly have a verbal application, but have not obtained a written application as of yet.
Is it a problem to document the application date, the date the verbal discussions began, on the application, and then have the customer sign it at closing? Or should we just provide a memo documenting the actual application date and have the customer put the actual date they are signing the application on the app?
Clear as mud?
Thanks in advance!
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