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#2160335 - 01/12/18 11:46 AM Home Equity 12 day notice - signed
CalifDreamin Offline
Diamond Poster

Registered: 03/08/02
Posts: 2047
Loc: 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 12:11 PM Re: Home Equity 12 day notice - signed [Re: CalifDreamin]
rlcarey Offline
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Registered: 07/16/01
Posts: 64642
Loc: 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 12:15 PM Re: Home Equity 12 day notice - signed [Re: CalifDreamin]
CalifDreamin Offline
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Registered: 03/08/02
Posts: 2047
Loc: 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 12:22 PM Re: Home Equity 12 day notice - signed [Re: CalifDreamin]
-Z- Offline
Diamond Poster

Registered: 12/10/07
Posts: 1682
Loc: 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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