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#2160335 - 01/12/18 04:46 PM Home Equity 12 day notice - signed
CalifDreamin Offline
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CalifDreamin
Joined: Mar 2002
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Far from Calif
Do your banks get the home equity 12 day notice signed? We've always had signature lines on this even though it's included in our application packages. That's being questioned now by management since there isn't a requirement to have it signed. I realize it's belts and suspenders if you get it signed; however, if it's always in your application packages, can you not prove that your procedure is to provide it? (that's the argument by management)
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#2160343 - 01/12/18 05:11 PM Re: Home Equity 12 day notice - signed CalifDreamin
rlcarey Online
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Joined: Jul 2001
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Galveston, TX
It is purely a proof of fact document. What would you rather do - try to convince the judge based on policy and procedures or slap a signed notice on the bench. Considering violating the 12 day notice provision invalidates your lien, I guess you can guess which way I would lean, so to speak smile
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#2160344 - 01/12/18 05:15 PM Re: Home Equity 12 day notice - signed CalifDreamin
CalifDreamin Offline
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CalifDreamin
Joined: Mar 2002
Posts: 2,207
Far from Calif
That was my response exactly, Randy, but I was asked to see if any other banks really get this signed. smile
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#2160345 - 01/12/18 05:22 PM Re: Home Equity 12 day notice - signed CalifDreamin
The OG Zaibatsu Offline
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The OG Zaibatsu
Joined: Dec 2007
Posts: 1,693
Texas
I can't say for sure, but I have spoken to a lot of banks over the years, and I think most (if not all) of them get them signed. It doesn't have to be signed, and a verifiable system is evidence of compliance, but a signature is nearly irrefutable evidence of compliance. A verifiable procedure can become your word against the customers in a dispute. And juries often are not friendly to banks. Do you not send them electronically when possible?
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#2161849 - 01/25/18 05:03 PM Re: Home Equity 12 day notice - signed The OG Zaibatsu
BrendaW Offline
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BrendaW
Joined: Jun 2001
Posts: 230
Texas
We get the 12-day notice signed for all home equity applications. It is included in the application packets, however, we have signature lines on it and document in the file so we can count the 12-days from application or notice date whichever is later! We have been doing this since the beginning of Home Equity lending in Texas so that has been for 20 years!
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#2165007 - 02/16/18 06:44 PM Re: Home Equity 12 day notice - signed CalifDreamin
INOH Offline
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Joined: Jul 2012
Posts: 344
Northeast
where can I get a copy of the new notice... this is for our application packets.
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#2165012 - 02/16/18 06:55 PM Re: Home Equity 12 day notice - signed CalifDreamin
rlcarey Online
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Galveston, TX
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#2167128 - 03/07/18 10:26 PM Re: Home Equity 12 day notice - signed CalifDreamin
INOH Offline
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Joined: Jul 2012
Posts: 344
Northeast
Thank you!!!
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