Great question. As you know, the commentary to 1003.4(a)(8)(ii) explains that you can use either the closing/account opening date or the date of initial disbursement.
From the commentary:
"For covered loan originations, including a preapproval request that leads to an origination by the financial institution, an institution generally reports the closing or account opening date...... If the disbursement of funds takes place on a date later than the closing or account opening date, the institution may use the date of initial disbursement."
Personally, I have long advocated for using the note date. It is just easier than finding the actual date of disbursement, which doesn't always occur when rescission expires. The note date is also easier on your auditors/examiners as they just review the note and don't have to dig for a disbursement check to ensure it aligns with the funding date with the CD (which could be different if disbursement is delayed for whatever reason).
Using the origination date (on the note) also helps to avoid end-of-year issues where a loan closes in one year, but disburses in the next.
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Adam Witmer, CRCM
All statements are my opinion, not those of my employer, and should not be taken as legal advice.
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