We have a situation where the loan closed 10/14/04, but was a recindable transaction, therefore disbursement did not occur until 10/19/04. Our system shows the maturity date of the note to be 10/19/2024; however, the actual HELOC agreement and disclsoure shows maturity as 10/14/2024. I know the note is the overriding factor; but which way is standard i.e. maturity date = loan closing date + loan term or maturity date = loan closing + recission period + loan term? I would guess the maturity date should be loan closing + recission period + loan term because the customer doesn't get use of the funds until that time. Also, should'nt we reflect our system to match the note?
Last edited by John Burnett; 02/25/05 05:01 PM.