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#2160335 - 01/12/18 11:46 AM Home Equity 12 day notice - signed
CalifDreamin Offline
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Registered: 03/08/02
Posts: 2062
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 Online
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Registered: 07/16/01
Posts: 66902
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: 2062
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
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Registered: 12/10/07
Posts: 1684
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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#2161849 - 01/25/18 12:03 PM Re: Home Equity 12 day notice - signed [Re: -Z-]
BrendaW Offline
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Registered: 06/21/01
Posts: 224
Loc: 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 01:44 PM Re: Home Equity 12 day notice - signed [Re: CalifDreamin]
INOH Offline
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Registered: 07/18/12
Posts: 333
Loc: 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 01:55 PM Re: Home Equity 12 day notice - signed [Re: CalifDreamin]
rlcarey Online
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Registered: 07/16/01
Posts: 66902
Loc: Galveston, TX
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#2167128 - 03/07/18 05:26 PM Re: Home Equity 12 day notice - signed [Re: CalifDreamin]
INOH Offline
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Registered: 07/18/12
Posts: 333
Loc: Northeast
Thank you!!!
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