"3 Day Docs" Signature Time Frame

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Question:

When we send out the "3 day docs" what is the rule on the signatures in order to be in compliance? Do we have to have the docs signed and back in our office within 3 days of sending them out?

Answer:

There is no regulatory requirement to have the "3 day docs" signed. This may be an investor requirement or an internal loan policy requirement and you would have to review them.

First published on BankersOnline.com 10/09/06