Regulation Z defines Consummation as the time a consumer becomes contractually obligated on a transaction, but leaves when that contractual obligation occurs to state law. Other federal laws are generally silent as to when consummation occurs. Applicable state laws can vary on the term. For example, many states define consummation as occurring when the consumer executes the promissory note and mortgage. (N.Y. Banking Law § 2(30)). However, some escrow states, such as …, define the legal obligation to not occur until the funding date.
