- This topic has 1 reply, 2 voices, and was last updated 12 years, 6 months ago by .
-
Topic
-
We have a dwelling secured loan where the ROR applies. All of the documents, including the promissory note, mortgage, and ROR, are dated 8/25/12. The borrowers did not sign the documents until 8/30. The ROR reflects this date but no other documents do. The loan funded on 9/5/12.
The loan was booked on our system as 8/25/12 because of the note date and the loan begins to accrue interest as of this date. I do not believe we can charge interest beginning on 8/25/12. I am aware that per Reg. Z and if state law allows, interest accrual can begin during the recission period or on 8/30.
Can we charge interest before the documents are signed?
Must we reprint the documents to reflect the date of 8/30/12 and change the date on the system?
Is there anything else we need to do?
- You must be logged in to reply to this topic.