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#2214585 - 05/30/19 12:34 PM E-sign Question
mdog76 Offline
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Is there anything in the reg that says if you start a transaction with e-signed documents that you can't also have documents that are wet signed? Or do you have to have e-signed docs through the entire transaction? I wouldn't think it'd be required to have them all the way through.

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#2214586 - 05/30/19 12:41 PM Re: E-sign Question mdog76
rlcarey Online
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Galveston, TX
Signed is signed - why would it matter?
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#2214620 - 05/30/19 05:08 PM Re: E-sign Question mdog76
Richard Insley Offline
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ESIGN does not permit regulations. The ESIGN statute and rulings by federal courts are all we get.

It's up to you to accept wet signatures, e-signatures, or "X" marks by illiterate customers whenever and however you see fit. The trick, of course, is that you have to convince a court that the signatures are valid and binding. ESIGN's rule is directed to the federal judges who can no longer throw out digital signatures arbitrarily. The statute says "...a signature...may not be denied legal effect, validity, or enforceability solely because it is in electronic form."
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#2214864 - 06/04/19 02:48 PM Re: E-sign Question mdog76
Cheli Offline
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To piggyback off of the OP...and Richard did shed some light for me...

Regarding ESIGN procedures and married couples (particularly in relation to Residential Mortgage transactions and Right of Rescission rules with TRID);

First, we use DocuSign with our LOS. When the ESIGN consent is sent to our customers, married couples typically give ESIGN consent using their own, respective email address.
However, when the loan process approaches the CD delivery and timing requirements, many times I’ve identified proof of receipt (‘viewed’ timestamp for those familiar with DocuSign) from only 1 email address. When I inquire for the proof of receipt for the other borrower (or spouse who has a right to rescind), the response is “owe, they viewed it together on his/or her email address.”
Thoughts on level of risk?

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#2214865 - 06/04/19 02:54 PM Re: E-sign Question mdog76
rlcarey Online
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One word - HUMONGOUS
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#2214867 - 06/04/19 03:00 PM Re: E-sign Question mdog76
Cheli Offline
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that's my thought too, Randy...

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#2214868 - 06/04/19 03:00 PM Re: E-sign Question mdog76
Skittles Online
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Thanks for the giggle Randy - I needed that.
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#2214869 - 06/04/19 03:11 PM Re: E-sign Question mdog76
chenin Offline
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We use Docusign and require both spouses to esign the documents. We won't proceed with only one signature.

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#2214871 - 06/04/19 03:19 PM Re: E-sign Question Cheli
Richard Insley Offline
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There are three issues here, not one:
Originally Posted By Cheli
CD delivery
First issue:
When you obtained valid ESIGN consent from each borrower (individually), you gained the legal right to treat e-documents (only the kind described in the pre-consent disclosures and tested as part of the ESIGN consent) as if they are paper. Provided you have followed the methodology tested as part of your ESIGN consent, you're square with ESIGN and the e-docs containing the CDs are legally "written."

Second issue: By delivering an ESIGN-compliant tree-free "written" CD in a timely manner, you are square with the delivery requirement of Reg. Z. Assuming the content is complete and accurate, you have no exposure up to this point.

Originally Posted By Cheli
proof of receipt
This third issue has nothing to do with ESIGN. Compliance with Reg. Z's receipt requirement is subject only to the applicable parts of Reg. Z and related OIs. As Randy advises, systemic inadequacy or failure of your receipt mechanism creates the same unlimited exposure you would face if you failed to obtain paper receipts from both borrowers.
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