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#1115200 - 01/22/09 06:03 PM Certificate of Noncancellation of Rescission
ComplyOhMy Offline
Platinum Poster
Joined: Dec 2005
Posts: 514
Lexington, Kentucky
If the loan was closed therefore the right of rescission was not cancelled but the certificate of noncancellation was not cancelled is that a violation?

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Lending Compliance
#1115211 - 01/22/09 06:10 PM Re: Certificate of Noncancellation of Rescission ComplyOhMy
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
I'm not really sure I'm following you, but if the loan closed and funding did not occur until after midnight of the 3rd day, then there is no violation.
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My opinion only. Not legal advice.

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#1115228 - 01/22/09 06:19 PM Re: Certificate of Noncancellation of Rescission RR Joker
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,395
There is no regulatory requirement for the borrowers to sign to confirm they are not cancelling. As long as funds were not dispursed until after midnight of the third day, you're ok.

Now getting that past an investor may be a totally different story. The ones we deal with hold to the theory that 'if there's a signature line, there must be a signature'. sick

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#1115243 - 01/22/09 06:29 PM Re: Certificate of Noncancellation of Rescission Truffle Royale
ComplyOhMy Offline
Platinum Poster
Joined: Dec 2005
Posts: 514
Lexington, Kentucky
thank you.

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#1115266 - 01/22/09 06:46 PM Re: Certificate of Noncancellation of Rescission ComplyOhMy
Mint Julep Offline
Diamond Poster
Mint Julep
Joined: Oct 2007
Posts: 1,152
Tennessee
You know, the example form in the regs doesn't have a signature line on the rescission form at all. The signature isn't actually required by reg.
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