This is a unique situation for us…we are mailing closing disclosures to be signed out of our area…if we do not receive the signed documents back before the disbursement date disclosed on the CD …can we wait until we receive them to disburse funds?

You plan to disburse funds before you get signed documents back? I assume you mean a lot more documents than just a closing disclosure.

Your CD that would be sent would be based on the best information available at the time that you issued it. If things change, then a post closing CD might be in order if it impact more than just per diem interest.

Thanks so much Randy!

And yes Randy…I meant to say …mailing closing documents….not just disclosures….typed in a hurry….thanks again

I must be reading this wrong...you plan to disburse proceeds before you receive a signed promissory note?

No....that's what we were asking about whether or not we had to honor the disbursement date on the CD....but we understand now......

We were asking because we did NOT want to disburse funds until we received the documents back....but we weren't sure if we were obligated by the CD date.....

Hope that makes sense.....

The CD is only a disclosure.

Thanks Randy!

Thanks Randy!