Determining the Loan Application Date

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Question:

What determines the loan application date? If the application is taken face to face, we use the borrower and loan officer's signature date. If it is taken by phone, email, internet, we use the date the loan officer signs and dates the application. Is this correct?

Answer:

Answer from Randy:That sounds right to me.

Answer:

Answer from Andy:So long as there is no delay in recording that signature I agree. What you need to ensure is that this signature which signifies receipt isn't delayed because there is a backlog of apps, a vacation, etc. Your Reg B clock and early disclosures can't be delayed because of an inaction on the part of the lender.

First published on BankersOnline.com 10/11/10