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#447705 - 10/27/05 02:18 AM rescission question
wavewatcher Offline
Diamond Poster
wavewatcher
Joined: May 2003
Posts: 2,053
Hawaii
We are trying to expedite a closing and funding for a customer. Our policy is to wait the rescission period before sending the mortgage to be recorded. Is there any regulations that would prohibit us from sending the mortgage to record on day 3 and fund on day 5 because of the weekend?

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Lending Compliance
#447706 - 10/27/05 02:34 AM Re: rescission question
flaire Offline
100 Club
flaire
Joined: Sep 2005
Posts: 228
sw us
ROR - funding 3 business days (includes Saturday) after note was signed. If docs were signed today (10/26), you would count Friday as day 1, Saturday as day 2, and Monday as day 3. You could disburse funds on Tuesday. There is no prohibition about recording. If the customer recinds, you will just have to file a release at the bank's expense. That is probably why your bank doesn't record until after the ROR ends.
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Hello, triple a? I got locked out of my mind...

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#447707 - 10/27/05 02:36 AM Re: rescission question
wavewatcher Offline
Diamond Poster
wavewatcher
Joined: May 2003
Posts: 2,053
Hawaii
Thanks that's what I thought regarding the recording. customers signed tues, wed thurs fri = rescission days. weekend comes in and monday we fund - that's how I counted the days.

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