Posted by Templin on 8/22/07 11:58am
Msg #206985

EOM

Okay,,,,I did a search (as I am seen recommended many times), but does anyone have a list of what days are considered EOM for each month? I was assuming it was the last business day of the money, but apparently it's not....DON'T SHOOT ME!!

Reply by Philip Johnson on 8/22/07 12:06pm
Msg #206987

Go to the last business day of the month

then count back 4 business days. As an example August 31 is a Friday which means Monday the 27th will be the last day to fund a refinance transaction or heloc by the last business day of the month. September will be Monday the 24th for the same reason as above.

Reply by PCasey/CO on 8/22/07 1:22pm
Msg #207013

You can also click on "The Library" tab and there is a 2007 Recision Calendar you can use as a reference.

For re-fi's there is usually 3 business days right to rescind, in this case business days are Monday through Saturday not including holidays. The day the documents are signed doesn't count, they then have three days rescision period.

For example, this month the borrower signs the documents on Monday 8/27, has right to rescind until midnight on Thursday 8/30, the loan will be funded on Friday 8/31 as long as the borrower did not exercise his right to rescind.

Reply by CJ on 8/22/07 3:57pm
Msg #207046

Hard to explain, but easy to do.

The borrowers have three days to cancel, right? (except Thurday through Satuday, but you understand that).

The NEXT DAY after the right to cancel expires, they file the deed of trust.

As long as that "NEXT DAY" is in the same month, you are okay.
But one day, that "next day" will be in the next month.

So the EOM is the very last day you can sign, and the "next day" (after the RTC) is still in this month.