Answer:
Yes. You are taking a security interest in the consumer's primary dwelling. Review Reg. Z 226.15 and .23 and their Commentaries.
First published on BankersOnline.com 1/24/11
Is Loan to Home Owner Rescindable?
Answered by:
Question:
We are providing a primary dwelling secured loan to a consumer who owns the home free and clear. Since it is not a refinancing, is the transaction rescindable?
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