Is there ever a reason that you could or would re-open the right of rescission period on a mortgage loan? Besides renewal or refinance that is? We had a secondary market loan on which we had to pay a tolerance cure, and due to an oversight, it was not paid in a timely manner. When this was discovered, our invester asked us to do a new right of rescission and send it with the check to the customer. Has anyone ever heard of anything like this? FYI, the original right of rescission was done correctly. Scratching my head trying to figure out why the invester wanted a new one to be sent. Appreciate any input.

Scratching my head trying to figure out why the invester wanted a new one to be sent.

Because they can make the rules? Who knows, you would have to ask them and their attorneys what they think that might accomplish.

It would be worthless, because the bank cannot fund before the rescission expires however, the bank would be issuing a rescission notice long after the loan was funded. It muddies the waters and creates another violation for the examiners to look at and criticize.

That being said - as Randy said, "Because they can make the rules?"

Ends up the second one was dated for the 4th day instead of the 3rd day. Is it a problem that we gave them an extra day?

What second one?

The new one that the invester wanted delivered with the cure check. When we already had a perfectly good one that was done with the original documents.

Sorry - you are now out in no-man's land so I doubt if anyone can help you. Whatever the investor has required you to do has nothing to do with any regulatory cure that is prescribed.

My main concern was just trying to figure out if I was missing something regulatory that caused the invester to request the new right of rescission. So I am thinking no, lol. Thanks to both of you for your comments, I always appreciate the help I get here.

Just because an investor asks for something doesn't mean you have to give it to them...especially when you know it's wrong! You cannot re-give or correct the RoR...ever.
If an investor asked me for this, I'd ask them why and to please show me the citation they were basing their request on.
Trust me, I've debated with investors any number of times on things they pend files for. And I have won as recently as last week on one of them!