Skip to content
BOL Conferences
Thread Options
#172560 - 03/23/04 06:17 PM ROR - Extra Day
Lavender Offline
Gold Star
Lavender
Joined: Jun 2003
Posts: 335
Hi all...What happens if one of our loans had a ROR that was for one day longer than it should have been?

Return to Top
Lending Compliance
#172561 - 03/23/04 06:29 PM Re: ROR - Extra Day
ahb Offline
100 Club
ahb
Joined: Nov 2003
Posts: 116
WestMass
In my opinion, so long as you honor the ROR period as stated in your notice, you should be fine.

Return to Top
#172562 - 03/23/04 06:51 PM Re: ROR - Extra Day
redsfan Offline
Power Poster
redsfan
Joined: Dec 2000
Posts: 3,455
The Pennant Race
I agree. The effect of the extra is to give the customer more time to change their mind than the law requires. No problem in that.
_________________________
The opinions expressed here are personal and do not represent opinions of my employer.

Return to Top
#172563 - 03/23/04 07:30 PM Re: ROR - Extra Day
Anonymous
Unregistered

Did you charge interest during the rescission period?

Return to Top
#172564 - 03/24/04 03:27 AM Re: ROR - Extra Day
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,748
On the Net
Quote:

Did you charge interest during the rescission period?




Bingo. This is the only drawback and I'd credit them if this were the case.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top

Moderator:  Andy_Z