Answer:
Answer by David Dickinson:No, you can't take away someone's rights. There have been several court cases dealing with exactly this situation. If you go to BOL's Court Watch page, click on the TIL section, and scroll down to the "Barrett vs. JP Morgan Chase Bank, N.A." you'll find one.
Answer:
Answer by Lucy Griffin:There is no such thing as fixing a violation later. Lenders need to get it right the first time. If this customer doesn't rescind, you are OK, but for the violation. However, if the customer changes his or her mind, you will have a problem.
Now for that loan officer. There should be some sort of discipline for errors such as this. This is a big mistake and should not be condoned or accepted. Something should go on that loan officer's record, or come out of his or her pocket. Use this situation to make a point about the importance of compliance.
First published on BankersOnline.com 5/03/10
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