[Sandy]

Our bank has the borrower sign a Closing Disclosure with a TRID loan. If there are 2 borrowers and both have a security interest in the house that secures the loan do both have to receive a copy of the CD or just one at least 3 business days before closing? If only one is required and that person signs the CD 3 business days before closing,is it ok that the co-borrower signs the date the loan is closing because that is the date they are receiving it?

[rcooper]

You would need to provide the material disclosures to anyone who has the right to rescind in accordance with the required timeframes (e.g. deliver CD three business days prior to consummation).

1026.23(a)(3)(i) The consumer may exercise the right to rescind until midnight of the third business day following consummation, delivery of the notice required by paragraph (b) of this section, or delivery of all material disclosures, whichever occurs last. If the required notice or material disclosures are not delivered, the right to rescind shall expire 3 years after consummation, upon transfer of all of the consumer’s interest in the property, or upon sale of the property, whichever occurs first. In the case of certain administrative proceedings, the rescission period shall be extended in accordance with section 125(f) of the Act.

1026.17(d) Multiple creditors; multiple consumers. If a transaction involves more than one creditor, only one set of disclosures shall be given and the creditors shall agree among themselves which creditor must comply with the requirements that this part imposes on any or all of them. If there is more than one consumer, the disclosures may be made to any consumer who is primarily liable on the obligation. If the transaction is rescindable under §1026.23, however, the disclosures shall be made to each consumer who has the right to rescind.

[Author]

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