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#2043722 - 10/09/15 09:32 PM Acknowledgment of receiving the Loan Estimate
Hunter Offline
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When we provide the initial LE to a consumer via email and they have agreed to the E-sign requirements, would a read receipt be acceptable to acknowledge that the consumer has received the disclosures or would they have to respond stating that they have received the disclosures?
Last edited by John Burnett; 10/13/15 12:33 PM.
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TRID - TILA/RESPA Integrated Disclosures Rule
#2043725 - 10/09/15 09:47 PM Acknowledgment of the receipt of the Loan Estimate
Hunter Offline
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When we provide the initial LE to a consumer via email and they have agreed to the E-sign requirements, would a read receipt be acceptable to acknowledge that the consumer has received the disclosures or would they have to respond stating that they have received the disclosures?

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#2043759 - 10/10/15 08:23 PM Re: Acknowledgment of the receipt of the Loan Estimate Hunter
rlcarey Online
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IMHO - read receipts are worthless.
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#2043760 - 10/10/15 09:10 PM Re: Acknowledgment of the receipt of the Loan Estimate Hunter
Kathleen O. Blanchard Offline

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I agree that more than a standard read receipt is needed. Some esign systems provide a log that notes when the item was delivered and when actually opened. That has more value than a normal email read receipt, that can sometimes be triggered simpl by scrolling past the item.
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#2043808 - 10/13/15 12:55 AM Re: Acknowledgment of receiving the Loan Estimate Hunter
John Burnett Online
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Because so many email clients do not provide reliable read receipts, the consensus on this question is that the consumer should actively acknowledge receipt of the disclosures. That acknowledgment could take the form of a simple, consumer-generated message, "Got it. I'll call if I have any questions." It could even be a phone call (you'll need an annotation in the file). But it should be something initiated by the consumer, not by the gremlins in an email program.
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#2043842 - 10/13/15 02:17 PM Re: Acknowledgment of receiving the Loan Estimate Hunter
Carter'sMom Offline
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So this goes along with this line of questions.... If we send the documents via email and we know they have not accessed or opened (because of the detail provided in our e-delivery software) we are still ok with following the mailbox 3 day rule, right?

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#2043847 - 10/13/15 02:28 PM Re: Acknowledgment of receiving the Loan Estimate Hunter
MonicaMc Offline
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Along the same lines.....An app was taken by telephone and the borrower wants to come and pick up the initial disclosures from the branch. So to make things easier, the LO tells the borrower their packet will be in the drive-thru for them to pick-up. Borrower agrees. IF for some reason the borrower does not pick them up within 3 days of the app, is it our responsibility to mail out the packet to the borrower? Or, for some reason, is our delivery responsibility done when we have "delivered" them to the drive-thru for borrower pick-up?

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#2043852 - 10/13/15 02:31 PM Re: Acknowledgment of receiving the Loan Estimate MonicaMc
Kathleen O. Blanchard Offline

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I would mail on day three. Putting the disclosures at the drive through is not delivery in my opinion.
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#2043858 - 10/13/15 02:41 PM Re: Acknowledgment of receiving the Loan Estimate Carter'sMom
John Burnett Online
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John Burnett
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Originally Posted By Carter'sMom
So this goes along with this line of questions.... If we send the documents via email and we know they have not accessed or opened (because of the detail provided in our e-delivery software) we are still ok with following the mailbox 3 day rule, right?
Correct. The three-day delivery rule applies whenever delivery is made other than in-person.
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#2044844 - 10/19/15 02:53 PM Re: Acknowledgment of receiving the Loan Estimate Hunter
Hunter Offline
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My question goes along with this topic. On the last page of the LE in the Confirm Receipt section the customer(s) sign here to acknowledge they have received the LE. They are not required to sign the LE. The controversy we are having within our loan department is, the date the customer(s) sign that they have received the LE should it correspond with the actual date they have received the disclosure or does it matter what this date is? They are only acknowledging that they have received it, correct? There are times the customer will receive the document on one day, but not bring it in for a week and they have signed it then. Do we make them correct this date or just use the three-day delivery rule? Thank you so much for your guidance.

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#2045065 - 10/20/15 12:43 PM Re: Acknowledgment of receiving the Loan Estimate Hunter
John Burnett Online
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It should really only be a concern if you need to show receipt before the third business day following delivery other than in person. But investors and auditors will focus on the date or lack of it and cause you heartburn if it's not right.
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#2045107 - 10/20/15 02:26 PM Re: Acknowledgment of receiving the Loan Estimate Hunter
Truffle Royale Offline

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Hunter, because there is no requirement for signatures on the LE we've opted not to get the LE signed at all and have removed the signature section from our form.
I'm not going to get into debates with investors about which date applies to which clock.
We're just sticking with the 3 + 3 rule on delivery.

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