I've searched RCW. Does anyone have a resource that indicates how WA state defines consummation for the purposes of RESPA TILA? I know what we currently consider consummation, but I don't know why we do so.

I doubt that you are going to find anything specific in the law that spells it out in black and white. You would have to research the history of the definitions applied by the various courts in your jurisdiction - for example, the 9th Circuit: Jackson v. Grant, 890 F.2d 118 (C.A. 9 (Cal) 1989).

So fellow Washingtonians, is "consummation" when the borrower signs, or when the loan is settled/disbursed? I can't find if TRID is going to change the way we require signings to occur - which now, can be days before actual settlement. If consummation is at signing, that means the CD needs to be received three days before? Is that how everybody is interpreting this?

Yes, we will be considering the signing of loan documents (such as note/DOT) as consummation. Therefore, the CD needs to be received 3 days prior to the borrower signing documents. I can't find it specifically spelled out in WA state rules, but I've had numerous conversations in the past with legal counsel that the borrower and the bank become obligated on the transaction when signing of the legal documents occur- not when the loans is funded/settled.

And taking the more conservative position is always better. I can't think of many reasons reasons to use a date beyond when the documents are signed.

Thank you! Also, I posted a question in the TRID discussion, about what if the borrower doesn't sign on the date originally planned. Would that we a "post-closing" revision and send out the revised CD to change the date? My other question was does the date need to be when the first borrower signs or the second borrower, assuming they don't sign together?

No responses there yet...