1003 signed 3 days after credit pull??

Is this required to be “compliant”? The broker I’m working with is now telling me that this is the case. I don’t think this is realistic because I first pull credit to make sure the client is credit worthy and then I do price checking and it may take several days to be able to get a hold of the customer. Any feedback on this would be appreciated.

Yes, you need to have the application signed within 3 days of the credit pull with most mortgage loan programs. The reason is to give the homeowner, a quick view of what you have planned and allow them to FORMALLY get started with YOU, (or the Broker).

Just got clarification from my broker. It needs to be DATED within 3 days, but the actual signature can take place later.

The TIL, Truth In Lending says that the borrower has within 3 days to know what they are qualifying for. Hope that helps…