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Blog posted On July 13, 2018
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Be sure your borrower(s) acknowledge all LE’s provided. If an LE has not been acknowledged, it could delay the CD going out to the borrower. Why?
Example: If an LE goes out today and the borrower does not acknowledge it the borrower must wait 4 days from that acknowledgement to sign. The waiting time on a CD is 3 business days, but the CD wait time DOES NOT supersede the LE wait time. Once the borrower acknowledges the re-disclosed LE, the 4 business day wait begins. If we have sent out a CD, the borrower still must meet the 4 day waiting period on the LE. |