Wait 3 Days to Disburse Funds on Loan Renewal?

Answered by:

Question:

If I am renewing a loan that is holding the primary residence as collateral, do I still need to wait three days to disburse? (Right of rescission)

Answer:

Answer by Jim Bedsole:Right of rescission does not apply to a refinance with the same lender with no new money advanced (other than for closing costs).

Answer:

Answer by Richard Insley:If it's truly a renewal and not a refinance, then no TIL disclosure is required either.

First published on BankersOnline.com 7/24/06