What is required for the applicant to receive electronic delivery of disclosures?

For an applicant to receive electronic delivery of disclosures, electronic consent is the necessary requirement. This means that the applicant must explicitly agree to receive disclosures in an electronic format, which typically involves the applicant indicating their acceptance through an online system or platform.

The intention behind requiring electronic consent is to ensure that the applicant is fully aware and in agreement with receiving important information digitally rather than through traditional paper methods. This consent process is a part of compliance with federal laws like the Electronic Signatures in Global and National Commerce Act (ESIGN Act), which aims to ensure that electronic agreements and disclosures are valid and enforceable.

This approach not only provides the lender with a legally sound method of communication but also offers the applicant convenience, as they can access their disclosures from anywhere and at any time. Therefore, obtaining electronic consent is a crucial step in the process of facilitating efficient and compliant communication in the mortgage process.