Is it legal to send Adverse Action notices by email?
We're sending appraisals electronically, but the E-Sign Act states we need to get some acknowledgments from borrowers before sending them the report. How are lenders handling this?
We send all appraisals to borrowers electronically. How does the new ECOA Valuations Rule affect us?
What loan documents require an original signature and when is an electronic signature or facsimile sufficient?
I have a consumer-purpose, residential purchase of primary RE transaction to an individual. The borrower has no down payment; therefore, the parents have offered to guarantee the debt and further secure their guarantee with a lien on their primary residence. I know RESPA and early TIL will not apply as to the guarantors, since guarantors are not applicants, but should the parents be given the right to rescind?
Can adverse action notices be sent electronically?
We are thinking about adding loan notices (i.e. pmt notices/past due notices/ maturity notices/ rate adjustments/ etc.) to our list of items that a customer can sign up to get electronically. We already do it for deposit products (stmts and such). I realize I need to consult the applicable lending regs, most of which I believe defer to the esign act and allow for electronic delivery, but I'm just wondering if I'm missing something. I guess I'm a little nervous about sending someone's past due notice electronically even if they have to elect to receive it and confirm that they can (call me cautious). Is there anything else I need to watch out for? I am happy to do my own research but if you know of any prohibitions or can point me to something I'm missing, I would appreciate it.
Marketing is working on our E-SIGN promotions and wants to know what the E-SIGN agreement will include. Is it just lending, deposits, or can it include both?
Does the E-SIGN Act allow disclosures to be provided to borrower's via fax? If so, is it considered to be "received the same day"?
If a borrower calls and wants a mortgage home loan, under the E-sign rules, could the Loan Officer e-mail the regulatory disclosures, Authorization certification, RESPA Servicing, Private Policy, and GFE/TIL to the consumer without first making the LO send an e-mail to the borrower for an electronic consent and have the borrower send it back?