If a closing disclosure is mailed, but we would like to obtain a signature on the closing disclosure at closing, must we update the Date Issued date on the closing disclosure to the date of closing on the copy that will be signed?

I maintain the 'date issued' as the date mailed/delivered and the 'closing date' as the date it will be closed (signed). If ROR is involved, the 'disbursement date' will be dated according to actual disbursement.

Thanks

I would only update the Date Issued date to the closing date if I were actually issuing a new (revised) Closing Disclosure on that date. But if I were only getting signatures on a copy of the Closing Disclosure delivered earlier, I'd leave the date unchanged.

One caution -- Make sure that your procedures are clear about the dates involved here. What you don't want to happen is an auditor or examiner look at a signed copy of the CloD issued three days before closing, see the closing date next to the consumers' signatures, and assume that the consumer didn't actually receive the disclosure until the closing date. You need to keep accurate records of when disclosures are delivered in-person, when they are received before the end of the presumed three-day delivery period, and when they are deemed received on the third business day after delivery other than in-person. In other words, you have to document actual or presumed receipt by the consumer that will "stand up" against the date that the consumer puts on any acknowledgment.

We are delivering a non-signature CD within the timing requirements then having a CD signed at the closing table. We are updating the "date issued" on the one signed at closing, and keeping a copy of the initial one given in the file. I'd say 75% of the time there is some kind of change that is made to the CD that requires an updated CD be given at closing anyways.

If I could also ask a question that is kinda along the same line? Is it ok to provide a closing disclosure at closing even if nothing has changed? I have a co-worker who doesn't agree with me saying that we only need to give a revised closing disclosure at closing if there is a change. They don't feel comfortable with the fact that the "date issued" and "closing date" don't match. I said that that was one of the main changes with the regulation (must get the cd 3 days before closing). With that said, I told her I would do some research to see if it reissuing a cd is ok even if nothing has changed from the original cd (she also wants the date issued and the closing date to be the same).

I just don't recall reading anything in the regulation about this. If I could someone could help me by directing me to the spot in the regulation, it would be appreciated. My gut is saying that this would not be ok.

I concur with everything RR Joker said.

This seems like the best thread to spark a little discussion on events concerning the 1st CloD issued.

We're finding that one particular 2ndary investor is requiring us to prove that delivery of the initial CloD occurs according to the TRID timeline. No question that they can ASK for it. We delivery most always by mail. We understand that this 1st CloD doesn't need to be signed. But here again, Operations created another confirmation or acknowledgment for the borrower(s) to sign JUST to add to the file & satisfy 2ndary market:

We acknowledge receipt of the Closing Disclosure delivered on mm/dd/yyyy by [mail, face-to-face]

I'd love to have an alternative to this home-made disclosure, but as John said above, what constitutes ACCEPTABLE and 'accurate records of when disclosures are delivered in-person, when they are received before the end of the presumed three-day delivery period, and when they are deemed received on the third business day after delivery other than in-person' ?? Obviously our pre-TRID methods aren't good enough for this investor.

You are at the mercy of your investors when it comes to things like this. Either follow their rules or find a new one.