07/15/2002
If the rescission notice is not provided or the threeday rescission period is incorrect, does providing the notice after disbursement of loan proceeds eliminate the threeyear rescission period as provided by Reg Z?
07/01/2002
Is there a simplified summary of the current, pending HOEPA changes/regulations, pertinent to a mortgage nondepository lender?
06/09/2002
By Howard A. Lax, Esq.
Lipson, Neilson, Cole, Seltzer & Garin, P.C.
Troy, MI
06/03/2002
I was reviewing files and I noticed that we have a loan that should have had a Right of Rescission but they never received one. Prior to the three year anniversary of the loan, can the customer send me a Notice of Cancellation and request that all fees and payments paid so far be refunded with the current balance due remaining the same (i. e., $100,000 loan now has a $90,000 balance. They would receive all fees paid at closing and all payments and the loan amount would remain $90,000)?
03/04/2002
If a couple is buying a new house but has not sold their current primary residence, is recission required if at act of sale they are moving to the purchased property as their new primary residence?
02/11/2002
With regard to the right of recission, is it necessary to obtain the signed notice of noncancellation prior to funding a loan if the three day period has expired, and the Lender is reasonably sure that the Borrower will not rescind the transaction?
02/11/2002
Do all owners, or only those who are occupying as principal residence, have the right to rescind?
01/07/2002
We're having a difference of opinion at the office! When a loan has Right of Rescission, is the Date Finance Charge Begins the funding date (after Rescission) or the note date? In other words, if the customer does not rescind, can you charge interest from the date of the note or the date you disburse?
10/01/2001
Scenario: Husband and wife refinance house. Wife signs loan documents on Friday and husband signs on Monday. Each sign their Notice of Right to Rescind dated the day they signed. Is it not legally true that the loan can thenfund on Friday after husband signed? Why would a lender make the parties resign the Notice of Right to Rescind over again dated (let's say 81001) and start the rescission period over again. Thereby not being able to fund loan until Wednesday 81501. Where can I get written law that states the lender should have funded on the Friday after the husband's right to rescind was signed?
08/06/2001
What compliance regulations apply to a loan to purchase a primary residence secured by vacant land titled in a business name?