For commercial loans in which the appraisal is to be provided to the customer:

1. Can we e-mail the appraisal and/or evaluation via secure email?
2. If we can e-mail it, what is the waiting period?
3. Can you also clarify the 3 or 5 day waiting period?
a. Mailed to borrower day 1, wait 2,3,4,5,6 business days, day 7, loan can be closed
b. If waiver is obtained, day 1 waiver obtained, wait 2,3, business days, day 4, loan can be closed

1. If they agree to receiving it electronically - yes.
2. They must receive 3 business day prior to closing.
3. What 5 day period?

a. Mail on Monday received on Thursday - close on the following Monday
b. If you get a waiver Monday - close on Thursday

Randy,

If they agree to receive electronically- via ESign?

The only difference is that there is no demonstrable consent or specific agreement needed. They still have to in some manner agree to receive electronically.

TITLE I—ELECTRONIC RECORDS AND
SIGNATURES IN COMMERCE
SEC. 101. GENERAL RULE OF VALIDITY.

(b) PRESERVATION OF RIGHTS AND OBLIGATIONS.—This title does
not—

(2) require any person to agree to use or accept electronic records or electronic signatures, other than a governmental agency with respect to a record other than a contract to which it is a party.

Thank you. What have you seen other lenders do for commercial to document that they have agreed to receive the appraisal electronically?

I've seen lenders include a note in the borrower's credit file. I've also seen a signed form created for the purpose of the authorization (bank supplied, signed by borrower). And I've seen a copy of an email from the borrower saying "please send any and all notices on and paperwork related to the loan to us via email at (address). I like something initiated by or signed by the borrower. I don't like a credit file that has only an annotation by the lending officer.

But realistically, there aren't many requirements for a commercial transaction to provide written documents or notices.