Policy Frequently Asked Question: Valid MPN Signature Dates

What date should the school or lender report as the “signature date” for a Master Promissory Note? Is the date different if it is an e-signed note versus a paper copy, or “wet” signature?

The lender or school must record and report the actual date on which the borrower signed (endorsed) the note, regardless of the format the borrower used to sign the note. This date is critical for determining the validity of an MPN. If a loan disbursement is not made on a loan related to that MPN within 12 months of the signature date, for example, then the MPN becomes invalid.

Lenders and schools must do the following to ensure that the proper signature date is reported:

• Record the actual date that the note is signed.
• Report this date when requested in data-reporting protocols.
• Compare the disbursement date of the first disbursement made on the MPN to the signature date to ensure that the note is valid for the loan being made.