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#2251607 - 03/31/21 06:14 PM Appraisal Delivery
CMSIngenue Offline
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What constitutes the date of delivery for electronic delivery of the appraisal in compliance e-sign? Is it the date the appraisal is sent? Does Reg B require the sender to follow Mail Box Rule if borrower never opens up the email?

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Interagency (Reg Z) and CFPB Reg B Appraisal Rules
#2251613 - 03/31/21 06:32 PM Re: Appraisal Delivery CMSIngenue
Dan Persfull Offline
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Dan Persfull
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Bloomington, IN
i. For purposes of this timing requirement, "provide" means "deliver." Delivery occurs three business days after mailing or delivering the copies to the last-known address of the applicant, or when evidence indicates actual receipt by the applicant, whichever is earlier. Delivery to or actual receipt by the applicant by electronic means must comply with the E-Sign Act, as provided for in § 1002.14(a)(5).
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2251618 - 03/31/21 06:55 PM Re: Appraisal Delivery CMSIngenue
CMSIngenue Offline
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Thank you but I am still confused. If provide means delivered and the appraisal is sent to the borrower on 1/1 electronically and in compliance with e-sign, then the appraisal is considered delivered on 1/1 regardless of whether borrower opens up the email?

Or do you follow mailbox rule?

Or do you consider it delivered when borrower actually opens up the email?

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#2251628 - 03/31/21 07:24 PM Re: Appraisal Delivery CMSIngenue
Dan Persfull Offline
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Dan Persfull
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Posts: 46,249
Bloomington, IN
Delivery occurs three business days after mailing or delivering the copies to the last-known address of the applicant, or when evidence indicates actual receipt by the applicant, whichever is earlier.,

The applicant has to acknowledge they received the appraisal otherwise you have the 3 business day presumption of receipt.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2251660 - 04/01/21 03:27 AM Re: Appraisal Delivery CMSIngenue
CMSIngenue Offline
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Joined: Jan 2013
Posts: 135
So if provided on Monday, 1/1 and borrower never opens up the email, there is a presumption of receipt 3 business days later?

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#2251664 - 04/01/21 12:45 PM Re: Appraisal Delivery CMSIngenue
Adam Witmer Offline
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Yes, assuming you comply with E-Sign.

The commentary Dan provided previously is the citation for this.
i. For purposes of this timing requirement, "provide" means "deliver." Delivery occurs three business days after mailing or delivering the copies to the last-known address of the applicant, or when evidence indicates actual receipt by the applicant, whichever is earlier. Delivery to or actual receipt by the applicant by electronic means must comply with the E-Sign Act, as provided for in § 1002.14(a)(5).
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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.
www.compliancecohort.com

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