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Posted by Ted_MI on 4/22/05 2:49pm
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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