Requirement GRBB 38.3(b)(2)(vi): Duplicate Signed Mortgage Applications to be sent within 7 days of receipt of application.
Either I'm interpreting this wrong, or the past 5 institutions I've worked for in NY has been non-compliant. We send two copies of the mortgage applications at commitment (but they aren't signed by the applicant).
How is everyone else handling this rule?
"For written applications, each mortgage banker or exempt organization shall provide each applicant with a duplicate of the signed application within seven business days from the time of receipt of such application by the mortgage banker or exempt organization. Both the applicant's signature and the signature of the employee may be hand-written or digital to the extent such signatures are recognized as binding under New York State law. For electronic applications, each mortgage banker or exempt organization shall provide each applicant with a duplicate copy of the application within seven business days from the time of receipt of such application by the mortgage banker or exempt organization unless the applicant indicates that he or she has the computer capacity to down-load and print such application. The applicant's signature may be hand-written or digital to the extent such signatures are recognized as binding under New York State law."
Last edited by Fitumi365; 03/27/18 06:33 PM.