Posted by ck_KY on 12/6/06 5:02pm
Msg #164369

EOM...

I am having brain freeze! I've studied the calendar to try to figure out December EOM and last day to sign, but I keep getting thrown off on December 25th (Christmas day). Is the last day to sign Saturday (December 23rd) in order for the loan to fund in December?? Thanks for the input.

Reply by PL on 12/6/06 5:03pm
Msg #164372

12/26

Reply by Linda_H/FL on 12/6/06 5:09pm
Msg #164374

Re: 26th would make funding on Saturday..Can you do that?

Saturday is a business day for rescission purposes but is it a business day for funding? I think last day for signing is Saturday, 12/23/06 for funding on Friday, 12/29/06...unless the lender/title allows you to sign on Sunday, 12/24/06. JMHO

Reply by PL on 12/6/06 5:14pm
Msg #164375

Re: 26th would make funding on Saturday..Can you do that?

I have instructions on one that says they are going to fund on the 30th, but I do agree with you most will condsder the 23rd or 24th the day.

Reply by Linda_H/FL on 12/6/06 5:17pm
Msg #164377

Re: 26th would make funding on Saturday..Can you do that?

The other reason being many companies may be closed on the 30th for the holiday ) - I'm gonna have to watch those instructions very very closely..

Reply by Becca_FL on 12/6/06 5:30pm
Msg #164380

Re: 26th would make funding on Saturday..Can you do that?

Two National TCs I work with will be in the office funding loans on Saturday the 30th. Most of the EOM rush will probably occur the 21st-23rd...I'm guessing. Not all TCs will be funding on the 30th.

Reply by sue_pa on 12/7/06 10:25am
Msg #164526

Re: 26th would make funding on Saturday..Can you do that?

... Saturday is a business day for rescission purposes ...

Making a general statement like this is just wrong. Saturdays are lender specific - some count it some don't.

Reply by PAW on 12/7/06 10:45am
Msg #164534

Legally accurate and correct

The statement, "Saturday is a business day for rescission purposes" is accurate and correct per federal statute (Reg Z). A lender has the right to extend the rescission period anyway they see fit, but by the book, Saturdays are considered a business day for rescission purposes.

Supplement I to Part 226-Official Staff Interpretations
Section 226.2-Definitions and Rules of Construction
2(a)(6) Business day.
2. Rescission rule. A more precise rule for what is a business day (all calendar days except Sundays and the federal legal holidays listed in 5 U.S.C. 6103(a)) applies when the right of rescission or mortgages subject to §226.32 are involved.

Reply by MariaIECA on 12/6/06 5:08pm
Msg #164373

Yes CK, you are correct as far as I've been told and as I see on my calendar. Hope that helps! :0)

Reply by MikeC/NY on 12/6/06 5:17pm
Msg #164376

Technically, loans signed on the 24th or 25th could fund on the 29th - so last day to sign is the 25th. As a practical matter, that probably works only if both notary and borrower aren't Christian...