Posted by Eliz/CA on 12/5/04 11:58pm
Msg #12791

Last day to sign for the year

Would Monday, Dec 27th be the last day to sign for the year to be funded this year? Was it busy last year on the last week of December?

Reply by PAW Notary Services on 12/6/04 8:29am
Msg #12804

>>>Would Monday, Dec 27th be the last day to sign for the year to be funded this year?<<<

For loans with a three-day RTC, the 27th is the last signing day. RTC would expire at midnight on the 30th, and funding could be completed on the 31st.

For longer RTC periods (ala Ameriquest), the last day would be earlier in the month.

For non-RTC loans (commercial property, second home, investment, etc.) the last signing day is the 31st.

Reply by Ted_MI on 12/6/04 9:25am
Msg #12807

Re: Paul - query

For non-RTC loans (commercial property, second home, investment, etc.) the last signing day is the 31st.

So, Paul, these loans could still fund on the thirty-first? Don't you need like a day turn-around? TX.

Reply by PAW Notary Services on 12/6/04 12:59pm
Msg #12815

Re: Paul - query

Technically, no. The "funding" on purchases is often completed prior to the signing, because everything has to be in place on the date the documents are signed (closing). When doing wet closings (primarily purchases), checks are already cut, as the loan is funded, as available for disbursement at the table (table funding closing). Not all states allow this. Some states require funding after closing. I think CA is like that. Here, it's just a matter of signing the docs to "seal" the deal and then disbursements can be made, often, the same day as the signing/closing. If the signing doesn't take place, then a lot of "fixing" has to take place, primarily re-adjusting the HUD to account for the difference in prepaid interest on the loan for a new closing date. But, the loan has already been funded, in that the settlement company (often the title company) has already escrowed the lender's funds for disbursement. Of course, if the deal falls through, then the funding is reversed so the monies are returned to the lender.

Reply by Ted_MI on 12/6/04 2:24pm
Msg #12827

Re: Paul - query

Paul,

Thanks much. I have benefitted from your response as I imagine many others have. By way of background, I just got swamped the evening of Tuesday, November 26th and Wednesday, November 27th. For the Wednesday signings, with the five day right of rescission ending midnight on Monday, I figured the loans could then close or fund on the following day the last day of November. Now granted none of these were purchases; they were all HELOC's or refinancings.