Does the Notice to the Home Loan Applicant require a signature from the consumer for recieving it?

Our Notice to Home Loan Applicant disclosure has a place for a signature of the person giving the notice, (the officer). Is this required or necessary?

Thanks!

No, it's not a requirement.

No to the Officers signature or the consumers signature or both?

Thanks!

But, do you provide the notice to each borrower separately or one notice to joint borrowers?

No to both. There is no requirement that the officer or customer sign the notice. But as complyyes indicates, a separate notice must be given to each borrower. For joint borrowers, one notice is not sufficient.

Thanks CSB1!

FWIW, for joint applicants we send one notice addressed to both applicants with all applicable scores listed and identified by applicant if they are in the same household. If they live in different households we send the original to the primary applicant's household and a copy to the co-applicant's household (however we get very few where the applicants live in different households).

This procedure passed our recent FDIC compliance exam.

Is anyone retaining a copy of the notice sent? Our procedure was originally set up to retain a copy in the file but the lenders rarely remember to copy so Iam constantly writing it up as an loan review exception. I am thinking of recommending the procedure be changed to not retain a copy. I was wondering what others are doing.

We automatically print 2 copies of the form - one for the borrower / one for the file. We don't require signatures since the reg doesn't require them so this works for us.