Our forms have a spot for "Assumed Date of Closing". The lenders want to use 30 days from the generation of the E-TIL as that date and want to know if that is a problem.

I think someone asked this question at the Triage, and the answer was it was ok, but could put the bank at a marketing disadvantage. Is my memory correct? Is that the only concern?

Speaking of questions from the triage...any word on a Q&A from the event for the attendees?

SkiDoo my recollection is the same as yours. I would also worry that the closing would be pushed out further than 30 days if there was a last minute change to the loan request.

I'm trying to review the conference to find where they discussed whether emailed ETILs had to comply with the ESIGN Act. I tried to rewatch all the Q & A sessions, but I didn't see it.

Bville I have been researching the ESIGN Act issue as well. There has been mention of complying in some of the discussions on the Reg. Z changes however, I have asked our auditing firm for their opinion on this. Doesn't seem like much of a time savings if you have to first get them to consent then send E-TIL.

The disclosures required by §§ 226.5a, 226.5b, and 226.16 may be provided to the consumer in electronic form without regard to the consumer consent or other provisions of the ESign Act in the circumstances set forth in those sections.

Doesn't the above cover you for electronic delivery on an E-TIL?

The E-TIL is under 226.19. The cites provided are generally advertising - early disclosures that are of less consequence. It is a chicken and the egg thing of what comes first and if the person can read your ad, they can read your e-disclosure.

E-SIGN is designed to replace "written" requirements with bits and bytes and there are necessary steps required to make that happen. If the person has already committed to E-SIGN, you're golden. If not, steps and approvals are required.

From Page 73 of the FR with these changes:

In addition, although the final rule
provides a presumption of receipt if the
early mortgage loan disclosure is
delivered by mail, it does not prevent
creditors from choosing any permissible
method available to deliver the early
mortgage loan disclosure, such as
overnight courier or e-mail if in
compliance with the E–Sign Act.

Good thing there's Gurus out there to set us straight!


Thanks Andy!!!!