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Proving Early Disclosures Were Made

Answered by: 
David A. Dickinson

Question: 
How do we document in our files that we have sent out Early TIL disclosures on a timely basis? We keep a copy of the Early TIL in the file, but it is not signed by the customer in some cases (if the lender mails them rather than giving them to the customer at the time of a face-to-face application). I am told by our lenders that borrowers don't always return a signed copy of the Early TIL, so that can't always be relied upon for proof. Any suggestions?
Answer: 

If you mail a letter to the applicant, simply keep a copy of the letter. The letter probably states that the disclosures are enclosed.

There is no requirement to have these disclosures signed (other than the Mortgage Servicing Disclosure). The dated letter is your proof of delivery.

First published on BankersOnline.com 1/3/05

First published on 01/03/2005

Filed under: 
Lending
Filed under lending as: 
Disclosures
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