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Provide Rescission Period to the Borrower?
Answer by Dan Persfull, BOL Guru
Guru Bios
Question: We have a loan that is a construction loan payoff refinance and the loan closed the same day it funded. A right of rescission was provided and the borrower signed the document. Should the rescission period have been provided to the borrower?
Answer: The ROR would not be a regulatory requirement, however, you may have (under state law) contracted for the ROR by providing them the document. You should speak with an attorney familiar with your state's contract laws.
First published on BankersOnline.com 4/14/08
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