I have been noticing our lenders, when having the customers sign the LE, are having them date the LE the same date the LE was issued even if the LE was mailed to the customer. Does anyone see an issue with this? I understand the LE doesn't even need a signature on it but the confusion is when the intent to proceed date is given by the customer it is after the date the customer signed and dated the LE.

Sometimes the lenders are not even seeing the customer until closing and having them sign the LE at that time. Would it be appropriate to have the customer date the LE the date of closing?

If the form calls for a date next to the signature line, then the customer dates the form the day of the signature. Anything else would be fraudulently backdating a signature. You need to stop that process. Either you require a signature or you do not. If you require a signature, then the customer should be instructed to date their signature with the date they are signing. If you have other documentation to provide how the LE was delivered, having them back date a signature just confuses the whole issue and is going to lead to all sorts of criticism. If I document that I mailed the LE to the customer today - how the heck can you have a LE signed by the customer dated today?

rlcary, what you are saying is the same thing the lender was bringing up. So, if the date on the disclosure is simply a date indicating when they are signing and more of an acknowledgement that they received the document then lenders will be instructed to have the customer date the document the actual date they are signing.

Do you know if it's typical for other banks to not require a signature?

Thanks

Investors will require it, but on portfolio loans if you have a copy of the LE in your file that is stamped mailed on xx/xx/xx or you use a copy of a dated cover letter that accompanies all of the early disclosures - requiring the customer to return a signed copy is really a waste of everyone's time and creates a lot of confusion when they sign it and return it 2 weeks later.

Not all investors require signatures. Besides retaining a copy of the dated LE, we document with an email from the LO stating method and date of delivery saved to the file.