Loan Application by Mail

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Question:

We received an application by mail, which the customer dated 4/16, but we did not receive it until 5/3, because he rode around with it for a week or so. What date do we put on our GFE? On what date does the three days start - from the date we receive it or the date that he signed the application?

Answer:

The three days start when the application was received by your bank. It is important to have a process to document receipt of paper applications such as writing or stamping the date and time received, office location at which received, etc.

First published on BankersOnline.com 7/26/10