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Does ROR Apply on Loan Secured by Land Only?

Answered by: 
Dan Persfull

Question: 
A borrower requests new money, secured by land only, upon which their primary residence (a mobile home) sits. Does Right of Rescission apply if we do not take a security interest in the mobile home (borrower's primary residence)?
Answer: 

Not under Reg Z, however your state may have a more stringent rescission rule.

First published on BankersOnline.com 6/19/06

First published on 06/19/2006

Filed under: 
Compliance
Security
Filed under compliance as: 
Right of Rescission
Security
Filed under security as: 
Security
Security Interest

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