Can you please tell me if you have joint applicants, who must receive a copy of the LE and CD? If there is a right of rescission, are there different rules on who must receive the the LE and CD. thank you

Although all applicants must be identified on the LE, and each consumer on the loan be identified on the CloD, the requirements for who must receive a copy haven't changed from the current rules. At least one of the consumers listed and each non-obligor consumer with a right to rescind gets a copy.

We need some clarification on the CD - if the CD is going to be hand delivered so we can close the loan earlier, do both people who have the Right to Rescind need to come in to pick up the CD, or can we provide both copies to one of the Right of Rescission people who comes in. Thank you. kim

do both people who have the Right to Rescind need to come in to pick up the CD

Yes, otherwise you only provided a copy to one of the consumers with the right to rescind.

and keep in mind that even if a non-borrower has the RTR, they must receive a copy as well.

thank you.

Late comer to this question. If the situation is that we are not hand delivering but instead mailing, are we required to obtain the address of the non-obligor to mail to OR can we send the copy for the non-obligor to the address of the borrower?
The non-obligor will be at closing to receive another copy of the CD, ROR and sign the mortgage.

They have to get it - mailing it to an address that is not theirs isn't going to cut it in my book.

Mine either. You must deliver to each person with the right. So, if they are at different address and you mail, then you mail to each person at their specified address.

Comply - if the non-obligor doesn't live at the property (an assumption from your post) then how do they have rescission rights?

Skittles - thank you. Good point. I was thinking they are on title, but not live there. This has to do with rescind-ability. Thanks everyone!

And, just in case you weren't sure of WHEN they get their copy, the timing requirement for receipt by the non-obligor consumers with rescission rights is the same as that of the consumer with primary liability -- three business days before consummation. That does not change when you start counting rescission days, though. That cannot start until the latest of (1) receipt of the CloD, (2) delivery of the notice of right to rescind and (3) consummation.

One issue is always tricky regarding the statement, "At least one of the consumers listed and each non-obligor consumer with a right to rescind gets a copy." So, what if you have a joint application (both would be obligors) and both applicants occupy the dwelling and have property rights? In this case you would not be required to give the notice to each applicant?

If mailed, it goes to both of them at the one address. However, if picked up, each one with a RTR is required to sign for pick up.

First - we are talking only about the initial and final CD. Second, you have to deliver a copy to both of them. How you choose to do it is up to you. If you mail them, I would suggest you mail them in separate envelopes with one addressed to each person. As far as signing at pick-up - that is a bank decision and not required by the regulation.

So, you feel the "at least one consumer" terminology is overridden by the fact that they are each considered somebody with the Right of Rescission?

Justin the "at least one consumer" only applies to transactions not subject to rescission. On a transaction where rescission does not apply you can provide the disclosure to any one of the consumers. If however rescission applies you must provide each consumer who has the right to rescind a copy of the disclosures.

Which Official Commentary in 1026 discusses the right to rescind and receiving the CD? This is the 2nd time I have spent over 10 minutes looking for it and cannot find it, but I know I have come across it on a couple of previous occasions.

Commentary to .17(d)(2)

That's what I was looking for! Thank you very much.

Is that exact statement, "At least one of the consumers listed and each non-obligor consumer with a right to rescind gets a copy" found in the Regulation or Commentary anywhere. I thought I remembered seeing that exact language, but now I am unable to come across it again and everything I am looking at now is clearly distinguishing that everybody with the Right to Rescind gets a CD.

I remember coming across confusing language that made it seem that if a person had the Right to Rescind, but they were actually an obligor, then they were not necessarily required to get the CD separately if another obligor with the Right to Rescind got the notices.

You need to look in 1026.2 for the definition of a consumer. For rescission purposes a consumer is any natural person that has the right to rescind.

Seeing a "title only" spouse signature on the CD in a Purchase transaction would not be correct, would it?

Who you have actually sign a CD is up to you. There are no restrictions. Would they be listed as a borrower on Page 1 - no.

We are are currently receiving information related to the TRID Amendment 2017 that is coming effective 10/1 about how must be listed as a "borrower" on the CD. Has anyone heard this interpretation?

"For rescindable transactions, the name and mailing address of each person with a right to rescind must be disclosed on the CD as "Borrower," even if that person is not an obligor on the loan."

Our LOS has done that from Day 1.