When rescission applies, we are assessing interest beginning on the loan closing date. For example, the loan c;psomg is 9/1...rescission applies, and the loan is funded after midnight of the third day...the interest for that loan begins on 9/1....
During an review by outside auditors, this was mentioned as being incorrect.... I don't agree. The funds for this loan has been set aside....placed in a Reg Z account for distribution at the appropriate time.....
Are they correct?
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Riding the waves of change.....2014