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#976170 - 06/16/08 10:21 PM Loan Closing Date for Flood Purposes
Norrie Offline
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Joined: Feb 2008
Posts: 67
Is there an official definition of "loan closing date" as it relates to flood insurance? Can a bank use the funding date (or the date the deed is recorded) as its closing date? Or, is the closing date more accurately the date the borrower signed the deed?

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#976440 - 06/17/08 03:39 PM Re: Loan Closing Date for Flood Purposes Norrie
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,247
Galveston, TX
It is the date that the borrower signs the loan documents.
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#976812 - 06/17/08 09:16 PM Re: Loan Closing Date for Flood Purposes rlcarey
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
FWIW, I agree with Randy. For some reason this has been coming up a lot lately. You can't CLOSE the loan (sign) without flood insurance. RofR funding (or other reasons) is not a reason to delay. Plus, what the point of saving a few days anyway?
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David Dickinson
http://www.bankerscompliance.com

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#976914 - 06/18/08 01:46 AM Re: Loan Closing Date for Flood Purposes David Dickinson
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,417
Bloomington, IN
I also agree.
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The opinions expressed are mine and they are not to be taken as legal advice.

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