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#2076732 - 05/03/16 03:04 PM Email Adverse Action Notices?
Joanna Offline
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Joined: Sep 2013
Posts: 102
can and adverse action notice be emailed or does it need to be mailed?

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#2076766 - 05/03/16 05:42 PM Re: Email Adverse Action Notices? Joanna
Jade'sFire Offline
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Jade'sFire
Joined: Apr 2012
Posts: 369
Yaven IV
1002.9 (2) Content of notification when adverse action is taken. A notification given to an applicant when adverse action is taken shall be in writing.

Unless the borrower has complied with e-sign requirements, then I believe you would need to hand deliver or snail mail it.
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#2077669 - 05/09/16 05:37 PM Re: Email Adverse Action Notices? Joanna
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 47,018
Bloomington, IN
can and adverse action notice be emailed or does it need to be mailed?

1002.4(d)
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2077753 - 05/09/16 08:53 PM Re: Email Adverse Action Notices? Joanna
InFairness, CRCM Offline
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InFairness, CRCM
Joined: Nov 2010
Posts: 704
USA
Even if the borrower has complied with e-sign requirements, be sure to think about the security of personal financial information when deciding whether to email or require applicant to log into a secure sight to receive their notices.
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Opinions are strictly my own, and have nothing to do with my employer.

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#2154368 - 11/21/17 03:40 PM Re: Email Adverse Action Notices? Joanna
rTEXg Offline
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Joined: Jul 2014
Posts: 55
*bump*

if there is an application online and they have an "instant" decision; is it possible to display the reasons to the customer (be it denial or counteroffer) on the screen and still send the notice via snail mail?

I am leaning towards e-sign compliance, but wondering if the mailing of the notice mitigates it.

Any thoughts you can share?

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#2154384 - 11/21/17 04:34 PM Re: Email Adverse Action Notices? Joanna
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 47,018
Bloomington, IN
If you provide the applicant a written copy of the notice through the USPS in addition to providing it electronically you would not have to comply with e-sign. As previously mentioned though you should be sure any privacy concerns are addressed.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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