Source: When is the Consummation of a Loan Contract?
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Author: timothymccandless
I have spent most of my professional life helping people who were being taken advantage of by systems they did not fully understand. View all posts by timothymccandless
The Hedge 
That’s a good question. Consummation should, at least ethically, be when full disclosure has been made and everything is agreed upon by all parties based on honest truth. All parties signatures should be required as well.
Banks have this funny little quirk about not binding themselves to responsibility for fraud, thus, they never sign the documents.