A consumer must receive a revised LE not later than four business days prior to consummation. What if there are two LEs issued electronically to the borrower in one day? For purposes of meeting the 4 business day requirement, does the borrower have to receive both LEs for determining whether the 4 business day wait is met?

For ex: LE #1 issued in the morning. Borrower never opens it. LE #2 issued in the afternoon. Borrower electronically signs the LE. Does the 4 business day start from when borrower electronically signed LE #2? Or would it be the later of receipt date for LE#1 and LE#2?

That would be a $64,000 question. Why would you issue two LEs on one day? .

Fees changed

Then why would you have not waited until the next day and issued the CD with the second change? Now you have a chicken or the egg situation if the borrower received the two LEs issued on the same day, but not in the correct order. How do you differentiate between them? Are they sequentially numbered in some manner?

If this is a portfolio loan, I would just document the file as to what happened and make sure your procedures address issuing multiple disclosure on a single day going forward. If this is an investor loan, you might want to touch base with them to see what they feel is acceptable.

All of this is electronically captured. b/c these LEs were electronically disclosed. Borrower never opened the first LE. Borrower signed the second LE. The question is in regards to the 4 business day rule for consummation. Does it run from the First LE which was never opened (i.e. follow mailbox rule) or the second LE which was actually signed. I checked the regs but not surprisingly, it did not foresee all of the ways that people on the floor could mess up.

The consumer "must receive", so you would have to wait until the mailbox rule ran out before issuing a CD.

Section 1026.19(e)(4)(ii) also requires that the consumer must receive any revised version of the disclosures required under § 1026.19(e)(1)(i) no later than four business days prior to consummation, and provides that if the revised version of the disclosures are not provided to the consumer in person, the consumer is considered to have received the revised version of the disclosures three business days after the creditor delivers or places in the mail the revised version of the disclosures.