I have a closed-end consumer 1-4 family refinance with new money being loaned. This loan has a right of rescission. Am I to collect interest on the refi loan to the date of the loan or the day it comes out of rescission?
Does the Right of Rescission apply to a refinance of an existing HELOC with a new HELOC for a larger amount? The lender is the same institution, and there is new money.
If a borrower is renting a home as their primary residence and they decide to purchase the house would there be right of rescission?
We have a customer who is refinancing his primary residence to purchase a vacant house and lot. Since we had a right of rescission with this loan the customer cancelled the transaction. Can we charge the customer for his fees incurred with the loan request?
If a Notice of Right to Rescind (ROR) is provided inadvertently to a customer not entitled to receive an ROR notice -- what are potential impacts? Could the loan be rescindable if they were provided the notice at loan closing?
Is right of rescission required on a refinance of an existing HELOC if there is no new money and renewing loan to extend the maturity date?
If a customer has a mortgage on land and now purchasing a mobile home, is a right of rescission required?
Customer owns 2 acres of bare land. Our loan is to purchase a mobile home to place on this land to be their principal residence. Our system says that ROR applies but our LOs seem to think different. Is ROR exempt on loans of this nature?
Is the Right of Rescission required when refinancing a real estate loan secured by 160 acre farm, and advancing funds to pay off credit card debt once loan originated?
I am wondering what the possible penalties to a lender are for non-compliance or improper execution of Right of Rescission.