The Affidavit of Simultaneous Closing eliminates the initial right of rescission delay in funding on the Home Equity Line of Credit (HELOC), if closing at the same time as the first (PURCHASE) mortgage.
The Affidavit is required when:
- Loan is consumer purpose
- A HELOC is approved through the CCHL
- The HELOC (2nd mortgage) is to close at the same time as the PURCHASE money mortgage
Note: Rescission documents are still required.
Once completed, the Affidavit of Simultaneous Closing should be uploaded to Synergy. If all documents are wet signed, send to loan servicing in the designated bag.