03/24/2003
What should we do if a home improvement loan was initially applied for as a construction loan and no rescission form was given to the owners of the property? The borrower already received the money. Should we do a rescission form for the customer with a date in the future or try to match the note date? Our lenders periodically give us wrong loan request information and we have clean up work after the loan closes.
03/10/2003
For right of rescission purposes, the new commentary 04/02 talks about the 4 legal holidays and the business day clarification. Does this now mean that only those 4 stated holidays are the only holidays to use and count when determining your 3 business days or are all 10 holidays still considered the "legal" holidays?
01/20/2003
If a client is purchasing a home, and it happens to be a residence they have been renting, are they required to have a rescission? Another situation: If a home equity line of credit is closing the same day as the primary financing for the purchase, is a rescission required for the line? One more: If the property is deeded to a personal trust, is a rescission required on a refinance?
01/06/2003
I am doing a home refinance for a husband and wife. The Deed of Trust is vested in his name only as his separate estate. Both husband and wife live at the home. Should the wife also be a grantor on the property and receive a Right of Recsission?
12/16/2002
Our organization has an insider loan secured by the primary residence in which the spouse of the insider signed the mortgage, the application, and the note. However, the spouse's name is not on the deed. Is this a violation of Reg. Z/TILA if the spouse did not sign the right of rescission?
12/02/2002
Under what circumstances can the Right of Rescission be waived when refinancing?
12/02/2002
Is there really any way to correct a Right of Rescission error such as disbursing before the period has expired or not giving the correct time period to rescind? I am trying to come up with a procedure short of paying off the loan and reclosing with proper disclosures that would correct these types of violations.
11/04/2002
Is a Right of Rescission required on a bridge loan for 12 months using their current primary residence as collateral. Purpose of the loan is to purchase a new primary residence.
11/04/2002
Is the 3 day right of rescission necessary in a situation where a bridge loan is being written for a couple to buy a new home and the security on the loan is a D.O.T. on the home they have listed to sell? If so, can the customers elect to waive their right of rescission?
10/21/2002
We are loaning money on heating and air conditioning equipment in IN, KY, IL, TN, and MO. Are we required to have the consumer sign a 3 day Right of Rescission Agreement. We are not taking a lien on their property. If we do need them to sign, is it legal to have them sign a Waiver to their Right of Rescission so as to the install the equipment immediately?