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#205448 - 06/29/04 02:53 PM LaserPro and July 4 Rescission Calc
Geoz Offline
100 Club
Joined: Apr 2003
Posts: 148
Colorado
I started a new thread because I hadn't gotten any hits on the question I posted on yesterday's thread on this subject. We've got a couple loans closing end of this week that will be affected, any help is appreciated!

Laser Pro is not counting Monday as a business day for purposes of rescission. Wanting to research it before I called them, I noticed the April 9, 2002 Federal Register, pg 16981, clearly supports what BOLers are saying in regard to counting Monday as a holiday for rescission. However, the last line states "...See Section 226.23(b)(1)(v). A creditor may extend the rescission period at its option." What does this mean? I followed up on the citation but see nothing in the Reg or the Commentary that speaks to this statement.

When I called Harland's Compliance Support I'm told this is determined by their Legal Dept, although they agreed to research it. Has anyone else run into this? Do we handtype rescission notices for the loans we have closing Thurs and Fri?

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#205449 - 06/29/04 04:28 PM Re: LaserPro and July 4 Rescission Calc
Love those Regs Offline
Gold Star
Joined: Apr 2002
Posts: 296
Southern State
We too are users of Laser Pro and haven't determined what we're going to do. We may be calling Harland too just so they'll see that a number of bankers have the same question.
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#205450 - 06/29/04 04:59 PM Re: LaserPro and July 4 Rescission Calc
Love those Regs Offline
Gold Star
Joined: Apr 2002
Posts: 296
Southern State
Today, our forms are counting July 5th. Underwriting just sent one to me with a loan date 7-1-04 and the form indicates the customer must send their notice to cancel no later than, "midnight of July 5, 2004". Yesterday, the exact same loan date produced a date of July 6th. Must have been an update last night?????
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Opinions are mine and subject to change frequently

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#205451 - 06/29/04 05:34 PM Re: LaserPro and July 4 Rescission Calc
Cowboys Fan Offline
Power Poster
Joined: Dec 2002
Posts: 4,615
SC
Interesting. I just did a loan in Laser Pro and our version is still excluding the 5th as a business day.
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#205452 - 06/29/04 05:39 PM Re: LaserPro and July 4 Rescission Calc
Cowboys Fan Offline
Power Poster
Joined: Dec 2002
Posts: 4,615
SC
LP has an update on their website (June 14) that corrects the rescission dates.
Last edited by Cowboy Fan; 06/30/04 06:53 PM.
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