Of course, there are a lot of "acknowledgment of receipt" signatures that lenders obtain in connection with consumer real estate loans that are absolutely not required by regulation (the one exception that comes to mind is the flood notice acknowledgment). But lawyers and auditors and secondary market investors all seem to demand documentation that notices and disclosures are timely received, so lenders find themselves stuck with all those signature lines. And then, in a "Catch 22," when their procedures call for a borrower's receipt acknowledgment signature, they get dinged by their auditors (and sometimes examiners) when they miss one here and there.
Is this a great business, or what?
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8