Faxed Mortgage Loan Application

Answered by:

Question:

With an emailed application that has been faxed in by the borrower, what are the compliance guidelines for the GFE and TIL?

Answer:

The same as any other application. They must be delivered within 3 business days from receipt of the application.

2 disclosure exceptions I can think of:

1. HELOC - the plan disclosure should have been emailed with the application.

2. ARMS - the ARM disclosure should have been emailed with the application.

First published on BankersOnline.com 5/23/05