E-Sign Compliance for Delivery of Appraisals

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Question:

In my search for guidance on e-Sign compliance for delivery of appraisals (Reg B) and Closing Disclosures (Reg Z) there seems to be a difference in what is recommended for Reg B & Reg Z. All the guidance on delivery of the closing disclosure states that a read or delivery receipt is not a recommended method of documenting proof of the date delivery occurred. However, guidance on Reg B delivery date of the appraisal tends to lean the other way and regarding a read/delivery receipt. In fact the commentary 1002.14(a)(4)(I) even states ... “Delivery occurs three business days after mailing or delivering copies... or when evidence indicates actual receipt by the applicant, whichever is earlier". With the commentary in mind is it necessary for us to get a confirmation e-mail to document the actual date of delivery of the appraisal or can we simply apply the guidance from the commentary and rest on the delivery occurred three business days after xmailing whether snail or electronic mail?

Answer:

by Randy Carey: With the commentary in mind is it necessary for us to get a confirmation e-mail to document the actual date of delivery of the appraisal or can we simply apply the guidance from the commentary and rest on the delivery occurred three business days after xmailing whether snail or electronic mail?

Yes. If you get confirmation before that, then that is the day of delivery.

Answer:

by Richard Insley: Please note that Official Interpretations and other guidance on Regs. B and Z apply only to those regulations--not to ESIGN. The sole function of ESIGN is to make e-documents the legal equivalent of paper. Timing and acknowledgement requirements come from the same regs that require the "written" information/disclosure--not from ESIGN.