A lender emails a Loan Estimate to a borrower on Tuesday at 2:00 PM. The borrower's email server is down and doesn't receive the email until Thursday morning. When is the Loan Estimate considered delivered for TRID purposes?
Correct Answer
A) Tuesday when it was sent
Under TRID delivery rules in 12 CFR 1026.19(e)(1)(iv), electronic delivery is considered effective when sent, not when received. The creditor is not responsible for technical issues that prevent actual receipt, provided the delivery method was properly executed.
Why This Is the Correct Answer
Under TRID delivery rules in 12 CFR 1026.19(e)(1)(iv), electronic delivery is considered effective when sent, not when received. The creditor is not responsible for technical issues that prevent actual receipt, provided the delivery method was properly executed.
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A borrower disputes information on their credit report directly with the credit reporting agency. The CRA investigates and determines the information is accurate. The borrower then contacts the mortgage lender who pulled the report and demands they investigate the same dispute. The lender must: