Document Date?

Functionality of the Document Date

The document date can be used as a reference in the document or as a day that the borrower might sign the documents, but the Date has no effect on the timeline for the docs and is merely a reference for the customer. Due note, the system will not allow a document date from a prior month and the customer will not be able to submit the order with a prior month selected. 

When entering the Document Date, the customer will click on the Loan Tab and scroll down to the middle of the page to find the document date.

The Document Date will always appear in the Loan Documents in the following places;

1. The Table of Contents
2. Loan Agreement
3. Promissory Note
4. Deed of Trust

Most of the time the answer will be No. The only times the Document Date would likely need to be changed are:

1. Closing shifts to the next month. For example. If the Document Date is 10/31/2023 and the loan ends up closing 11/2/2023. You will likely need to redraw the package as moving to the next month likely shifts Lender’s payment dates and maturity date by a month. If the payment dates and maturity date stay the same, then you could likely keep the document date as 10/31/2023.
2. The Document Date is after the date Lender records the mortgage. For example. The Document Date is 10/15/2023 and the loan is going to be recorded on 10/11/2023. This would be a case where it would be recommended to change the document date to prior to the recording, so Lender does not run into any unnecessary recording delays due to date confusion.
   
   

1. The Note intends the “Disbursement Date” as the date initial loan funds are disbursed by the lender. We do not peg the date interest begins accruing to the Document Date of the Note; the Document Date of our Note (and other references to the Document Date in the package) is simply a reference date for the document and is not tied to interest accrual.
2. For example, the intent is that “Disbursement” refers to Lender’s disbursement to [Closing Agent/Title/Attorney] and not [Closing Agent/Title/Attorney] disbursement to the borrower.   We understand that sometimes those dates may vary. For example, if the Lender disburses late on a Friday, those funds may not actually be disbursed to the borrower until Monday. The definition of Disbursement date (i.e., "The date of the initial disbursement by Lender of Loan proceeds hereunder") covers the Lender in that scenario.