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Posted by Gerry_VT on 5/14/06 4:50pm
Recently some posters have suggested giving borrowers their documents on CDs to save paper, and because some borrowers like it that way. However, I get the impression that for at least some of the information, the laws that regulate loans require that the borrower be given a written copy to keep. While the federal E-SIGN law allows electronic documents to take the place of paper ones, there are some tricky provisions about the consumer consenting to electronic documents and demonstrating an ability to read electronic documents. The provisions in the E-SIGN law are complex enough that I would think a lender would want to be in control of providing electronic copies to the borrower, if that is to be done, and not leave it up to the discretion of the notary.
Has anyone looked into this?
By the way, I'm only commenting on ONLY giving a CD; I don't see a problem with giving a CD in addition to the paper. |
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