08/11/2003
When we are converting a construction loan on a primary residence to permanent financing, we sometimes advance additional funds to the borrower. If the additional funds are not for construction costs, would the additional amount dispersed be subject to the right of rescission?
08/04/2003
Does the Right of Rescission apply to a mobile home loan?
07/21/2003
Mr. Smith bought a house on 4/28/03 as his primary residence; however, he is not moving into the house until 7/1/03. Mr. Smith is taking a home equity line of credit out on the new house before he moves in. Does the right of rescission apply to the home equity loan?
06/30/2003
Does the 3 day right of rescission apply if we are refinancing the land only and the customer lives in a mobile home on the land? The mobile home is not pledged as collateral.
06/30/2003
What kind of fines and penalties apply if the required HOEPA disclosures were not given to the customer?
06/23/2003
What constitutes a "principal residence" for purpose of the right of rescission? We have a pending loan application where the borrower has moved out of his principal residence and is currently renting elsewhere. He wants has offered the residence as collateral for the loan, does the right of rescission apply?
06/09/2003
Borrower is leaving on Monday on free Hawaiian trip with sister and is closing a refinance of home mortgage for needed "spending cash" for trip on Friday. Can she waive Right of Rescission period in dated written statement, after executing receipt of Notice of RoR? Our loan manager feels this is not a "bona fide personal financial emergency". Isn't question of what criteria constitutes a "bona fide personal financial emergency" under Reg Z 22615(e)up to the borrower's judgment, not lender or other 3rd party?
05/19/2003
Our company does not require a Rescission Period if the loan meets the following criteria: 1. Investment Property 2. Second Home 3. Primary Residence where we are paying off interim "construction" financing (we are not the original lender) and the borrower has never occupied the residence. I cannot find anything in Reg Z that would indicate this is a valid reason for waiving the Rescission Period. Are you aware of this exception? Secondly, there is a caveat to the above qualifications, i.e., if the borrower is receiving cashout and the loan meets the other criteria in #3 above, we DO require a Right of Rescission period.
05/05/2003
Does the confirmation after the 3 day right of rescission have to be signed stating the borrower does not wish to rescind?
05/05/2003
I am refinancing a first mortgage for a customer. The customer is married and the loan is to only one party. The spouse is going to sign the mortgage and right of rescission. I am being told by the purchaser of the loan that the spouse also has to sign the truth in lending. Is that correct?