Posted by LindaH
on November 28, 2007, 8:09 am, in reply to "EOM calculation"
66.82.9.57
get it - here we go again..
The day you're signing doesn't count - count 3 days ahead, not including Sundays and holidays...i.e. sign on Thursday, count Friday, Saturday, Monday (provided no holidays in there)...have until midnight Monday to cancel, fund Tuesday. If that funding day falls within the same month as the signing date, your signing date is your end of month - if not, back signing date up a day.
If you know what a business day is and what a holiday is it's really very easy. MHO
That better??...I hope so...it's a whole lot easier to do (for me) than to explain - obviously!!..
--Previous Message--
: To figure out when the end of month is
: (with regards to signings for primary
: residences), go to the last day of a
: month. If this day is a weekend day,
: go to the previous business day.
: (Sometimes, there is a holiday on
: Friday so just go to whatever day that
: is not a holiday prior to Saturday).
: That day becomes the last day that a
: loan can record. So, the borrower
: gets 3 days to cancel and the day that
: the loan records cannot be one of the
: 3 days. From there, you work
: backwards counting 3 business days.
: The day before that 3rd day is the EOM
: day. Sorry, I wish I was better at
: presenting this. I am using
: generalities here. Good luck.
:
: --Previous Message--
: I thought today would be busy thinking
: it was the last day to close but the
: phone has been silent. What happened
: this month was the end of the month
: earlier?
:
: Joe/NC
:
:
:
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