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Latest Compliance - Right of Rescission Topics

Rescission Rights on Collateral Swap

01/19/2004

Does the right to rescind apply when we are just "swapping properties"? We currently hold a 2nd mortgage on a property. That property is being sold and we would like to replace the mortgage with the new property, but not refinance the loan. Does Reg Z apply to this transaction? No new money is involved. Original lender.

Disclosures on HELOC to Purchase Home

01/19/2004

What required disclosures to you need on a HELOC ifthe main purpose of the loan is to purchase the borrowers' house? They are only asking for $40,000.00? Do you need an early truth in lending disclosure or early good faith estimate and any other early disclosures?

Days Before Funding on Home Improvement

11/03/2003

What are the required number of days before funding on a home improvement loan? I understand it was changed to 5 days, fund, then the 3 days right of rescission.

Disclosures To Mortgage Cosigners?

08/18/2003

I am doing a loan for a purchase of primary residence. The loan and note are in Mr. X's name. Mrs. X will be signing on the mortgage only. Do they both get preliminary disclosures?

Curing HOEPA Violations

08/18/2003

If a bank makes a loan subject to HOEPA without proper disclosures, how can the bank cure the violation?

ROR Calculation When Branch Is Open On Sunday

08/18/2003

Some branches of a bank are open on Sundays. I have two questions concerning business days and Reg Z: 1. Would the bank be considered "substantially open for business" if they take loan applications, disburse loans, take deposits, and make withdrawals at only certain branches on Sunday? (not all the branches are open on Sunday) The back office/operations staff does not work that day. If so, when calculating the 3 business days for early TILs, would they count Sunday as a business day for loans closed at all branches or just the ones opened on Sundays? 2. The definition of business day in Reg Z states that Sunday is never a business day for right of rescission. If this same bank closes rescindable loans on Sundays, when do we begin counting the three days?

Special Financing for Flood Victims

08/18/2003

This question would pertain to compliance, marketing and lending. Our Bank would like to offer special financing for our flood victims in our area. I need direction, as far as, being compliant.

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Most Popular Compliance Content

Re-using a recent appraisal

07/07/2024

We have a business account that took out a construction loan 11 months ago on lot A. Our business customer just bought lot B (right beside lot A) and is planning to use the exact same floor plan as lot A for lot B for the construction. Since this appraisal was completed 11 months ago on a different address, would we have to get a new appraisal completed for lot B, or, since everything is the same besides the address (right next door with same floor plan not 1 year old) could we reuse the lot A appraisal for lot B? I am having trouble finding information about this in the regulation.

Is a wheel-spin game allowed?

07/07/2024

We have a “spin the wheel” promotion. To spin, a customer must donate $1 that the bank donates to a charity. All the prize amounts on the wheel are more than $1 therefore all customers will get more than they donate. The amount won is then sent to the customer via our e-wallet app. We set a certain number of spins and it is done on a first-come-first-served basis.

Borrower signatures on Right to Rescind notice

06/30/2024

When a right to rescind is involved in a real estate-secured transaction, we are trying to confirm if there is anything in the regulation that requires the borrower(s) to sign all copies of the notice of right of rescission, or only requires the borrower(s) to sign one copy for the lender and leave the borrower copies unsigned. We can only find where the number of copies to be provided is specified (two for each owner if on paper, one for each owner if delivered electronically).

Internal raffles matter

06/23/2024

Can we do an internal raffle (selling tickets for a chance to win a prize) to benefit a non-profit organization?

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