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#2084392 - 06/21/16 05:41 PM
Signature on Closing Disclosure??!!!
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100 Club
Joined: Jul 2012
Posts: 110
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I am just curious as to what everyone's process is for obtaining or not obtaining a signature on the Closing disclosure, why or why not?
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#2084399 - 06/21/16 05:48 PM
Re: Signature on Closing Disclosure??!!!
FFBT
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10K Club
Joined: Jul 2001
Posts: 83,227
Galveston, TX
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Why - because your investors will require it.
Other than that it is up to you. However, having them sign the document at closing goes a long way to prove what you actually gave them.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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#2084445 - 06/21/16 07:54 PM
Re: Signature on Closing Disclosure??!!!
FFBT
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Junior Member
Joined: Nov 2015
Posts: 33
Iowa
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We obtain their signature at closing as Randy said our investors require it and there is no question as to if it was provided to them or not. In the letter we send with the CD 3 days prior we indicate they do not have to return it we will have a copy available at closing for them to sign and to contact us if they have any questions prior to closing.
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#2084449 - 06/21/16 08:00 PM
Re: Signature on Closing Disclosure??!!!
FFBT
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Platinum Poster
Joined: Jan 2015
Posts: 610
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^^^^^^^ That is the why and how of it here as well.
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If at first you do succeed....try something harder -fortune cookie
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#2084450 - 06/21/16 08:12 PM
Re: Signature on Closing Disclosure??!!!
FFBT
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10K Club
Joined: Nov 2002
Posts: 20,654
The Swamp
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I require it, not because of investors [we don't sell our loans] but because, in my mind, it's part of the 'contract'. Especially now that it contains the TIL within it.
_________________________
My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#2084454 - 06/21/16 08:14 PM
Re: Signature on Closing Disclosure??!!!
FFBT
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Diamond Poster
Joined: Dec 2013
Posts: 1,399
CA
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We obtain the signature at closing similar to Joker and Iowa. It's included with our doc package.
_________________________
The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.
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#2084479 - 06/21/16 08:50 PM
Re: Signature on Closing Disclosure??!!!
FFBT
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Diamond Poster
Joined: Aug 2012
Posts: 1,700
48.934476, -114.343735
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So, here is a question...
How do you all track receipt of the CD prior to closing?
Do you require a signature to confirm receipt prior to closing, and if so, do you end up with two signed CD's in your scan file?
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Maybe you just wanna fly the plane yourself. Well good luck pressing take off, then auto pilot, then land.
CRCM
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#2084492 - 06/21/16 09:04 PM
Re: Signature on Closing Disclosure??!!!
FFBT
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Junior Member
Joined: Nov 2015
Posts: 33
Iowa
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We have a simple one page form that the officer fills out that the borrower signs indicating they receive the CD if hand delivered. We do not required them to sign the CD the second we deliver it as they have not had time to review it.
If we mail/e-mail we have a simple one page form that we fill out indicating where, address or e-mail and when it was sent. If the applicant does not confirm receipt then you have the mailbox rule. Most of our officers hand deliver the CD's since things are always last minute and they do not want to wait the required timeframe.
Occasionally they bring the first CD signed to closing then there is no need to have them sign again unless there were changes. We would only put one signed CD in the file.
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#2084498 - 06/21/16 09:29 PM
Re: Signature on Closing Disclosure??!!!
Norman Paperman
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100 Club
Joined: Jul 2012
Posts: 110
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This is our current issue. If the CD was esigned or hand delivered, it is signed day of delivery. If the CD is mailed, we are using the mailbox rule, no signature. Our lenders are also getting a signature at closing. We then have two CD's that are the same scanned in the file. We are just trying to see what other do and figure out if there is a better process. For me reviewing these documents, I dont want to sift through multiple CD's trying to figure out what is what.
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#2085284 - 06/27/16 04:16 AM
Re: Signature on Closing Disclosure??!!!
FFBT
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100 Club
Joined: Nov 2014
Posts: 112
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Most of ours are either FedEx'd, emailed (with e-sign compliance) or hand-delivered. - FedEx - we have tracking confirmation of delivery for the file and the LO makes a call to confirm the borrower has received. We do this because it is usually under the mailbox deliver timeframe and we want to confirm borrower has appropriate 3 days prior to closing. (No signature required) - Email - sent by secure email that shows a receipt of when the borrower actually clicked on the message and signed into separate system to view document. We track that email in our system with copy for the file. (No signature required) - Hand-delivered - CD has signature line and primary applicant has to sign and date. Extra copy given to them to keep.
Every loan closing gets a signed CD for the file.
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#2085848 - 06/29/16 02:10 PM
Re: Signature on Closing Disclosure??!!!
FFBT
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100 Club
Joined: Jul 2012
Posts: 110
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If we are able to confirm receipt of the CD, would there be any reason that another CD needs to be signed at closing unless it was a revised CD?
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#2085852 - 06/29/16 02:15 PM
Re: Signature on Closing Disclosure??!!!
FFBT
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10K Club
Joined: Jul 2001
Posts: 83,227
Galveston, TX
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No
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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#2203707 - 01/23/19 05:40 PM
Re: Signature on Closing Disclosure??!!!
FFBT
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10K Club
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
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We have never required signatures. If it was e delivered we put a copy of the delivery receipt in file. If it was mailed we note on our flow sheet the date it was mailed. If it was delivered in person we note the date it was picked up and which borrower picked it up.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.
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#2203726 - 01/23/19 06:58 PM
Re: Signature on Closing Disclosure??!!!
FFBT
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Platinum Poster
Joined: May 2013
Posts: 919
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#2204004 - 01/25/19 04:35 PM
Re: Signature on Closing Disclosure??!!!
FFBT
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10K Club
Joined: Jul 2001
Posts: 83,227
Galveston, TX
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No. But ae you talking about the preliminary CD or the final?
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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#2204008 - 01/25/19 04:53 PM
Re: Signature on Closing Disclosure??!!!
FFBT
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10K Club
Joined: Nov 2002
Posts: 20,654
The Swamp
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I require a copy sent to each person, regardless of same/different address. If picked up in person, all parties with Rights have to sign for pickup.
_________________________
My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#2204028 - 01/25/19 05:37 PM
Re: Signature on Closing Disclosure??!!!
FFBT
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10K Club
Joined: Jul 2001
Posts: 83,227
Galveston, TX
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Why do they need the preliminary?
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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#2204041 - 01/25/19 06:05 PM
Re: Signature on Closing Disclosure??!!!
FFBT
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10K Club
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
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Unless I've missed something all consumers with the right to rescind are to receive the CD 3 business days before closing.
From 1026.17 - In rescindable transactions, the disclosures required by § 1026.19(f) must be given separately to each consumer who has the right to rescind under § 1026.23.
1026.19(f) - (ii) Timing.
(A) In general. Except as provided in paragraphs (f)(1)(ii)(B), (f)(2)(i), (f)(2)(iii), (f)(2)(iv), and (f)(2)(v) of this section, the creditor shall ensure that the consumer receives the disclosures required under paragraph (f)(1)(i) of this section no later than three business days before consummation.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.
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#2204054 - 01/25/19 06:51 PM
Re: Signature on Closing Disclosure??!!!
FFBT
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10K Club
Joined: Nov 2002
Posts: 20,654
The Swamp
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Exactly. I outlined above how I prove that is what happened. We don't require a signature on the CD, itself, but we have a dated letter to each party if mailed and a dated acknowledgment if picked up.
As to being emailed? It needs to be emailed to each person with a right to rescind.
_________________________
My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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