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#2170256 - 03/27/18 02:02 PM Duplicate Signed Applications? GRBB 38.3(b)(2)(vi)
Fitumi365 Offline
Junior Member
Joined: Jan 2016
Posts: 35
Requirement GRBB 38.3(b)(2)(vi): Duplicate Signed Mortgage Applications to be sent within 7 days of receipt of application.

Either I'm interpreting this wrong, or the past 5 institutions I've worked for in NY has been non-compliant. We send two copies of the mortgage applications at commitment (but they aren't signed by the applicant).

How is everyone else handling this rule?

"For written applications, each mortgage banker or exempt organization shall provide each applicant with a duplicate of the signed application within seven business days from the time of receipt of such application by the mortgage banker or exempt organization. Both the applicant's signature and the signature of the employee may be hand-written or digital to the extent such signatures are recognized as binding under New York State law. For electronic applications, each mortgage banker or exempt organization shall provide each applicant with a duplicate copy of the application within seven business days from the time of receipt of such application by the mortgage banker or exempt organization unless the applicant indicates that he or she has the computer capacity to down-load and print such application. The applicant's signature may be hand-written or digital to the extent such signatures are recognized as binding under New York State law."
Last edited by Fitumi365; 03/27/18 06:33 PM.
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#2170480 - 03/27/18 08:59 PM Re: Duplicate Signed Applications? GRBB 38.3(b)(2)(vi) Fitumi365
nu2regs Offline
Member
Joined: Mar 2013
Posts: 77
At my old bank we provided copies of the written applications with the 3-day letter and then provided typed copies of application for secondary market purpose later on.

Current bank we do everything electronic so as far as they accept E-Sign Disclosure that at states they have printing capabilities we are ok. We did, however, put in our procedures in case the person states do not have capabilities to print then we would mail.

Hope this helps.

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