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#976170 - 06/16/08 10:21 PM Loan Closing Date for Flood Purposes
Norrie Offline
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 Offline
10K Club
Joined: Jul 2001
Posts: 82,149
Galveston, TX
It is the date that the borrower signs the loan documents.
The opinions expressed here should not be construed to be those of my employer:

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#976812 - 06/17/08 09:16 PM Re: Loan Closing Date for Flood Purposes rlcarey
David Dickinson Offline
10K Club
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?
David Dickinson

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#976914 - 06/18/08 01:46 AM Re: Loan Closing Date for Flood Purposes David Dickinson
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,265
Bloomington, IN
I also agree.
The opinions expressed are mine and they are not to be taken as legal advice.

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