Posted by Ted_MI on 4/22/05 2:49pm
Msg #33378
Re: eom (end of the month) - learned something new
Hi all,
From my perspective, the two significant crunch time dates for this month (factoring in the right of rescission) were Monday, April 25th and Tuesday, April 26th. I was just enlightened by a woman at a signing company (well-respected, I might add) that I was somewhat off base; that Monday is indeed the drop dead date. That I could forget about Tuesday. The reason for this is that loans just don't fund on Saturday. I guess the banks are not open.
So I guess it doesn't work like the three day right of rescission where Saturdays are counted (unless of course they are federal holidays).
This all arose because I was retained to do a signing for today (hopefully tonight) and the docs are date sensitive for today. The borrower seems to want to do it tomorrow. So I said "heh, why don't you just rerun them and fedex them out to me for tomorrow morning delivery" (I had received them fed-ex this morning). I was informed that the bank can't get them reformulated until Tuesday. I thought that would be alright until I was enlightened otherwise.
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