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#818145 - 09/19/07 05:03 PM To sign or not to sign
deh Offline
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Joined: Mar 2006
Posts: 866

I know this has been discussed before. I just did a search and couldn't find anything. So I am asking again, sorry.

We are having an outside firm do our Director's Audit. They are reviewing some loan files and have made the comment that the credit agreement/note (this is a HELOC) was not signed by the bank. We do not have anything in our policy that states they must sign the note.

I know in a previous position I had we always looked at the original notes to make sure they were signed by an authorized representative of the bank. Maybe this was due to the fact that it was in the loan policy?

Anyway I wanted to have a good response to this examiner. Can any one provide one?


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#818183 - 09/19/07 05:29 PM Re: To sign or not to sign deh
rlcarey Offline
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Joined: Jul 2001
Posts: 77,209
Galveston, TX
There are no Federal requirements that loan agreements be signed by the bank. Any requirements for the bank to sign the note would be based on State law or bank policy.
The opinions expressed here should not be construed to be those of my employer:

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#819692 - 09/20/07 08:09 PM Re: To sign or not to sign rlcarey
Nanwa Offline
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Joined: Oct 2001
Posts: 5,564
Clintonville, WI, USA
Our state approved note forms print out a line for the loan officer to sign, under the customer.
Member of the National Sarcasm Society - like we need your support!

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#821121 - 09/21/07 09:44 PM Re: To sign or not to sign Nanwa
Andy_Z Offline
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Joined: Oct 2000
Posts: 27,348
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But is that like the RoR forms that have a signature line for the customer that doesn't need to be there? My point is, is required, or is just OK to be there?

Next question, if you don't want to sign them, buy forms that don't have a space.

Think about it. How many contractual relationship agreements do you like to review that have spaces and unsigned blanks in them? It just looks bad.
My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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