Posted by Kathryn on 5/29/12 4:33pm
Msg #422120

EOM

Could you seasoned signing agents tell me what days will be EOM for JUNE and JULY? Thanks !

Reply by Kathryn on 5/29/12 4:34pm
Msg #422121

Re: EOM - June and July n/m

Reply by Shoshana/AZ on 5/29/12 5:27pm
Msg #422131

How long have you been a signing agent?

EOM ends for a refi of a primary residence on the 4th business day from the end of the month. Purchase and refis of a second residence, investment property or vacation home on the 2nd business day be fore the end of the month.

Reply by Les_CO on 5/29/12 5:47pm
Msg #422132

There is no such thing as EOM, this expression is an acronym denoting a usually very busy last day when the borrowers that are entitled to the their three day right to rescind, can sign the documents, have the loan come out of rescission, and fund, having their payments start on the first of the month. Some loan companies differ, some closings differ (sales/investment/second homes) some States differ (escrow or not) on how/what they require at closing. The federal law does not differ. There is a ‘rescission calendar’ available here on this site. Check it out. So much to know for so little compensation.JMO

Reply by Kathryn on 5/29/12 7:36pm
Msg #422144

Thank You all very kindly for your gracious help.

Reply by JanetK_CA on 5/29/12 7:41pm
Msg #422147

Figure out what will be the last business day of the month to fund, then allow for three rescission days in between and there you are. I agree with Les that it's just a probability - however likely. But there are ways of getting around it if they don't want to change the first payment date on the Note (which basically seems to be the key issue). I've seen a good number of HUDs where instead of showing interest charges for the last few days of the current month, they have a credit towards the first payment for however many days intrude into the following month.