Question of the Week

  • QUESTION: Who should receive the Loan Estimate and the Closing Disclosure if the transaction has multiple consumers?

    ANSWER: The Loan Estimate may be provided to any consumer who will be primarily liable on the loan.  If one consumer is only a surety or guarantor then the Loan Estimate must be given to the principal debtor.  The Closing Disclosure must be provided to each consumer who has the right to rescind in rescindable transactions.  (1026.17(d) & Commentary 17(d)-2; 1026.23)



Question of the Week Archive

Ask An Expert

We want to hear your pressing questions about compliance at your bank. Please fill in the form below. Not all questions will be featured. Your questions will be kept anonymous.