Posted by Newbie - FL on 4/25/05 6:12pm
Msg #33885
Is today the end of the month?
I was told this today is it true?
| Reply by Stephen_VA on 4/25/05 6:17pm
Msg #33887
Not technically, but because loans apparently don't fund on Saturdays, it is effectively end of month. I'm not sure how that plays into accounting for the loan though which seems to me to be the real issue.
Me, I've been waiting on docs all day..... sure seems like end of month, no one wants to sign tomorrow.
| Reply by Cherilyn in CO on 4/25/05 6:27pm
Msg #33890
I don't know-because I have 4 tomorrow
and I've turned 2 down. I think tomorrow must be the last day. Although I have one (for now) scheduled for Wednesday.
| Reply by PAW_Fl on 4/25/05 7:17pm
Msg #33895
Re: Is today the end of the month? Yes, no, sort-of
For many businesses that do not fund on Saturday, the last funding date is 4/29, making last signing date for transactions that have a 3-day RTC, today. For those businesses to do fund on Saturday, tomorrow (Tuesday, 3/26) will be the last signing date. For those transactions which do not involve a 3-day RTC, depending on the lenders funding practices, either Thursday (4/28), Friday (4/29) or even Saturday (4/30) may be the final signing date, especially if they fund the same day as signing.
| Reply by Victoria/FL on 4/25/05 9:41pm
Msg #33919
Doesn't RTC for today end 4/28 (Thursday) ?????????
I hope so, because that's how I calculated it and that's how my rescission calendar reads!
| Reply by PAW_Fl on 4/25/05 9:50pm
Msg #33921
Re: Doesn't RTC for today end 4/28 (Thursday) ?????????
Yes, the RTC expiration date for a 4/25 signing is 4/28. Funding date would be the day after ... 4/29 which is Friday. That's why many consider today as the last signing day of the month, since Friday would be the last funding day. Technically, the lender funds on the fourth business day following the signing, since the RTC expires at midnight of the third business day.
| Reply by Victoria/FL on 4/26/05 7:02am
Msg #33956
Thanks for clarifying - I was reading the thread wrong. n/m
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