09/02/2002
For a commercial real estate loan with 3 units: one retail store and two residential units with one being occupied by the owner/borrower. Loan underwriting is done per commercial loan standards. If the loan is for refinancing, is this loan subject to RESPA and Reg Z. If this loan is for purchasing the property, is it a residential mortgage transaction under Reg Z?
09/02/2002
Someone is getting a loan secured by his home to add a pool to his backyard. Do RESPA and the Right of Rescission apply?
08/05/2002
Do we need a right of recission for a mobile home loan? This mobile home is NOT in a mobile home park, but on REAL Property that is also used as collateral on the loan.
08/05/2002
If a consumer lives in a property (renting) that we are making a loan for the same consumer to purchase the property they are living in, are there rescissions?
07/15/2002
If a bank provides a right of rescission but disburses a loan before the 3-day cooling off period ends, what are the consequences to the bank if the customer then rescinds within the 3-day cooling off period (after disbursement and assuming no special emergency waiver)? Does this represent the cancellation of the contract itself or just the cancellation of the security interest? If the contract is still valid, though unsecured, can the bank charge interest on the loan while trying to collect? (Basically, what is the bank's legal recourse in regards to the improper disbursement?) Also, what are the possible regulatory penalties for such a violation?
07/01/2002
Is there a simplified summary of the current, pending HOEPA changes/regulations, pertinent to a mortgage nondepository lender?
06/17/2002
Is there a 12 day cooling off period for home improvement loans?
03/11/2002
When would the Right of Rescission begin in the following scenario? This involves closing of a home improvement loan. The situation is out of the norm, where documents were taken out of the attorney's office for additional signatures. Customer comes in November 15th to sign papers. However, in this case, a second signature is required on the deed of trust only, not the note, which also must be notarized and the right of rescission notice must also be disclosed to this individual. All documents in question were taken for signature. If upon return of documents, the Rescission notice was dated showing receipt as of the 15th but the D/T was signed and notarized 2 days later, for example on Saturday Nov. 17th, would your rescission period begin the Friday Nov. 16th or Monday Nov. 18th. I believe ROR should begin the latter to occur of consummation of loan documents (signing the loan documents), delivery of ROR notice or delivery of material disclosures. In this case, applicant's signing)
03/04/2002
I have an application for a loan to remodel the home the applicants live in. Will they need to be given a Right of Rescission? I was told any time the primary residence is taken it is yes. But I was also told if it was less than a year - then no. - This loan is for 9 months.
03/01/2002