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#2184921 - 07/11/18 01:35 PM Receipt of CD & Closing w/E-Sign
Crazy Bank Lady Offline
Member

Registered: 06/07/05
Posts: 75
Loc: Missouri
We have a loan with 2 borrowers who accepted e-sign to receive their disclosures. The borrower opened the CD 2 days after we sent the CD and 3 days prior to closing. The co-borrower opened the CD 3 days after we sent the CD, but only 2 days prior to closing. Do we need to postpone the closing because the co-borrower was late in opening her disclosure, or can we go ahead and close? Can you please cite the location of this information?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2185049 - 07/12/18 04:09 AM Re: Receipt of CD & Closing w/E-Sign [Re: Crazy Bank Lady]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 67719
Loc: Galveston, TX
First question - is the loan subject to rescission - otherwise delivery to one of the borrowers is all that is required.

Otherwise, refer to 19(f)(1)(iii) Comment 2
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#2185065 - 07/12/18 07:36 AM Re: Receipt of CD & Closing w/E-Sign [Re: Crazy Bank Lady]
Adam Witmer Offline
Diamond Poster

Registered: 09/21/10
Posts: 1205
Randy is correct and here is another citation for you:

From 1026.17(d)
"(d) Multiple creditors; multiple consumers. If a transaction involves more than one creditor, only one set of disclosures shall be given and the creditors shall agree among themselves which creditor must comply with the requirements that this part imposes on any or all of them. If there is more than one consumer, the disclosures may be made to any consumer who is primarily liable on the obligation. If the transaction is rescindable under §1026.23, however, the disclosures shall be made to each consumer who has the right to rescind."

And from the commentary to 1026.17(d):
"2. Multiple consumers. When two consumers are joint obligors with primary liability on an obligation, the disclosures may be given to either one of them. If one consumer is merely a surety or guarantor, the disclosures must be given to the principal debtor. In rescindable transactions, however, separate disclosures must be given to each consumer who has the right to rescind under § 1026.23, although the disclosures required under § 1026.19(b) need only be provided to the consumer who expresses an interest in a variable-rate loan program. When two consumers are joint obligors with primary liability on an obligation, the early disclosures required by § 1026.19(a), (e), or (g), as applicable, may be provided to any one of them. In rescindable transactions, the disclosures required by § 1026.19(f) must be given separately to each consumer who has the right to rescind under § 1026.23. In transactions that are not rescindable, the disclosures required by § 1026.19(f) may be provided to any consumer with primary liability on the obligation. See §§ 1026.2(a)(11), 1026.17(b), 1026.19(a), 1026.19(f), and 1026.23(b)."
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Adam Witmer, CRCM

All statements are my opinion, not those of my employer, and should not be taken as legal advice.
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