What is required from the borrower for Digital Delivery to occur?

For Digital Delivery to occur in the context of mortgage lending, it is essential for the borrower to provide written approval. This requirement ensures that the borrower explicitly agrees to receive documents electronically rather than through traditional hardcopy methods. Additionally, the inclusion of the right to revert to hard copy is a critical aspect; it protects the borrower’s rights by allowing them to request paper copies of the documents if they prefer or feel more comfortable doing so. This dual safeguard fosters trust and transparency between the lender and borrower, ensuring that borrowers have control over their information delivery methods.

Written approval demonstrates that the borrower is fully informed and consenting to the electronic process, which is important for legal and regulatory compliance in the mortgage industry. It also supports the principle of consumer protection by ensuring that borrowers are aware of their options.