Sorry this is so long… We are probably making this way too hard but we are trying to decide if the bank needs different software to “prove” the borrower was able to open an attachment when we email the Loan Estimate, revised Loan Estimate or the Closing Disclosure.
We read 1026.19(e)(4)(ii) but we also read this in the Sept. 2014 Small Entity Guide (page 48-49) which is where we got the 7 business days:
Are there any restrictions on how many
days before consummation a revised
Loan Estimate may be provided?
(§ 1026.19(e)(4))
Yes.
•The creditor may not provide a revised Loan Estimate on or after the date it provides
the Closing Disclosure.
•The creditor must ensure that the consumer receives the revised Loan Estimate no later
than four business days prior to consummation. If the creditor is mailing the revised
Loan Estimate and relying upon the 3 business day mailbox rule, the creditor would need
to place in the mail the Loan Estimate no later than seven business days before
consummation of the transaction to allow 3 business days for receipt. (§ 1026.19(e)4 ;
Comment 19(e)(4)(i)-2)
So if we do not want to wait the 7 business days and want to show evidence that the borrower received the email delivery of the revised loan estimate earlier. What would be our evidence?
Example of Electronic Delivery from the official interpretation of 1026.19(e)(1)(iv) says:
Electronic delivery. The three-business-day period provided in § 1026.19(e)(1)(iv) applies to methods of electronic delivery, such as email. For example, if a creditor sends the disclosures required under § 1026.19(e) via email on Monday, pursuant to § 1026.19(e)(1)(iv) the consumer is considered to have received the disclosures on Thursday, three business days later. The creditor may, alternatively, rely on evidence that the consumer received the emailed disclosures earlier. For example, if the creditor emails the disclosures at 1 p.m. on Tuesday, the consumer emails the creditor with an acknowledgement of receipt of the disclosures at 5 p.m. on the same day, the creditor could demonstrate that the disclosures were received on the same day.
So does the acknowledgement of receipt mean the email was opened or the attachment was opened?