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#1998870 - 02/27/15 06:58 PM Take Mortgage Loan Application via IPAD
Tarhe Offline
Diamond Poster
Joined: Nov 2006
Posts: 1,279
California
Does anyone allow an MLO to use a bank tablet/ipad to take a mortgage loan application out in the field? As the consumer must receive certain disclosures on or with the application, how is that done? Anyone dealing with this? As these are in-person applications (and not telephone) the disclosures cannot be mailed under the 3-day rule, right? Any direction on where to research this further?

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Lending Compliance
#1998899 - 02/27/15 07:30 PM Re: Take Mortgage Loan Application via IPAD Tarhe
Truffle Royale Online

10K Club
Joined: Jul 2003
Posts: 17,357
What disclosures must be given with the application?
RESPA disclosures, home ownership counseling, etc. must all be given within three days of getting an application, be it by mail or in person.

eta: removed ARM per Dan's clarification below.
Last edited by Truffle Royale; 02/27/15 07:56 PM.
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#1998907 - 02/27/15 07:42 PM Re: Take Mortgage Loan Application via IPAD Tarhe
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,959
Bloomington, IN
ARM disclosures must be provided to the applicant at the time an application is provided to the consumer or before a non refundable fee is paid, whichever is earlier. See the Commentary to 1026.19(b)(2).
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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