Posted by SarahBeth_CA on 8/26/05 12:14pm
Msg #62004

Did anyone save this?

Reply by SarahBeth_CA on 8/26/05 12:17pm
Msg #62005

Oops hit the wrong key. I could smack myself now for not copying and pasting a particular post a while back. Did anyone happen to save the post explaining how to calculate the actual eom day? The post explained how it worked even for when Saturdays were involved. I tried the search but there are just too many posts with eom in them.

Reply by Anonymous on 8/26/05 1:29pm
Msg #62021

Maybe just add three days? Don't count legal holidays or Sundays. Close Fri> RTC on Tuesday.
That way you don't have to remember where you put your cheat sheet. All you need is a calender.

Rick

Reply by DellaCa on 8/26/05 2:37pm
Msg #62033

I believe Sarabeth is talking about the EOM day not the RTC day. JMHO

Reply by ILNot on 8/26/05 2:44pm
Msg #62035

Can't you figure that out from the same calendar? For example, isn't the 28 of this month technically the last day for EOM in August? Please correct me if i'm wrong.

Reply by Iris_WA on 8/26/05 5:15pm
Msg #62067

Actually ...

if my calculations are correct, the last business day to sign THIS month for the sake of EOM closing is today, 8/26. The 3-day rescission period for today ends 8/30, allowing for a true EOM closing on the 31st.

Reply by Art_MD on 8/26/05 10:19pm
Msg #62112

Re: Actually ... agree

I didn't need a calendar. Got calls for 8 signings I had to turn down. All to be signed between 5 and 8. Calls came in after 1:00PM. All e-docs. Could only be the EOM day.

Art

Reply by PAW_Fl on 8/27/05 3:28pm
Msg #62224

Recapping msg # 54568:

If the last day of the month falls on Sunday, the "LSD" (Last Signing Date) is the preceding Monday,so funding can happen on Friday, the last banking day in the month.

If the last day of the month falls on a Monday, and that day is NOT a holiday, then the LSD is the preceding Wednesday, as the 3-day rescission would end at midnight Saturday, funding can be on the following Monday and still be within the same month.

(All the above assumes no intervening holidays between LSD and funding date.)

The easy "Rule of Thumb" is to subtract 4 from the last day of the month. If there is an intervening Sunday or Holiday, subtract another day.

Thus, for January, March, May, July, August, October and December, the last day is the 31st. However, in reality you need to see when the last FUNDING day is. For August 2005, that day is Wednesday, the 31st, which means the RTC expiration would be Tuesday, the 30th. Counting backwards three more days (skipping Sunday as it is not a rescission day), brings you to Friday, the 26th as the LSD.

In July, 2005, the last day of the month (the 31st) fell on a Sunday, so the last FUNDING day was Friday the 29th (except for those lenders who fund on Saturday). Which meant the RTC expiration would be Thursday, the 28th. Counting backwards three more days, brings you to Monday, the 25th as the LSD.

December 2005 is going to somewhat problematic since Christmas is on Sunday (12/25) it is already not counted as a day of rescission. Monday, 12/26 IS NOT A HOLIDAY for rescission purposes, even though many businesses and the Federal Gov't will be closed that day. (Only the ACTUAL holiday day is not counted. Observed days are counted.) The last day of the month (12/31) falls on Saturday, so the last FUNDING day is Friday, 12/30, meaning RTC expiration must be on Thursday, 12/29. Counting backwards 3 days brings you to Monday, 12/26 as the LSD.

Reply by ILNot on 8/26/05 2:35pm
Msg #62032

Recission Calendar

There is a 2005 recission calendar under the Library tab on this site. You can get it when you log in. I printed it out and circled the EOM date so I know each month. Hope this helps.

Reply by BarbaraL_CA on 8/27/05 12:22am
Msg #62133

Msg #47595

PAW-FL explains EOM for June... not sure if that is what you're looking for or not.