Answer:
If the spouse has no ownership interest in the residence, s/he has no rescission right.
First published on BankersOnline.com 12/16/2002
Insider Loans, Reg Z, and Right of Rescission
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Question:
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?
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