If we have multiple applicants, do we have to send a Loan Estimate and Closing Disclosure to each?
No, you only need to send it to the primary applicant. The only exception is when the loan involves the right of rescission, in which case every person with the right of rescission, including non-borrowers, will need to get all material disclosures. Section 1026.17(d) of TILA provides:
Multiple creditors; multiple consumers. If a transaction involves more than one creditor, only one set of disclosures shall be given and the creditors shall agree among themselves which creditor must comply with the requirements that this part imposes on any or all of them. If there is more than one consumer, the disclosures may be made to any consumer who is primarily liable on the obligation. If the transaction is rescindable under § 1026.23, however, the disclosures shall be made to each consumer who has the right to rescind.
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