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Are lenders required to obtain an acknowledgement of receipt of the two disclosures from applicants?

April 26, 2017Acknowledgement APPLICANTS disclosures lenders obtain RECEIPT

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Are lenders required to obtain an acknowledgement of receipt of the two disclosures from applicants?

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The Act does not require lenders to obtain an acknowledgement of receipt of the disclosures from applicants. However, it is the Commissioner’s opinion that lenders must be able to demonstrate that they have, in fact, provided the disclosures.