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#2041482 - 09/30/15 03:36 PM Rescinded loan then changed mind
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
What happens if a borrower rescinds a loan, and then changes their mind and decides not to rescind - all within the 3 day rescission period? Do you just disregard the first notice to rescind and move forward with the loan as it is (and document the file with a written note from the borrower)?

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#2041511 - 09/30/15 04:39 PM Re: Rescinded loan then changed mind Many Hats
NSF, CRCM Offline
Gold Star
Joined: Apr 2013
Posts: 410
My understanding is that once they rescind there is no going back. If they change their mind then a new application must be taken.

Hopefully a guru will chime in to confirm or correct me.
It is better to act cautiously beforehand than to suffer afterward.

The answers I give are my opinions. Not legal advice.

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#2041534 - 09/30/15 04:55 PM Re: Rescinded loan then changed mind Many Hats
Rocky P Online
Power Poster
Joined: Jun 2003
Posts: 7,239
A rescission cancels the loan.
You can use most of the same documents for re-approval. Someone had mentioned in a post that the bank would be in a hard position to defend if they allowed the loan after rescission and the customer later claimed that the bank pressured them to take the loan when they really did not want to and had rescinded.
Integrity. With it, nothing else matters. Without it, nothing else matters.

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#2041701 - 09/30/15 08:52 PM Re: Rescinded loan then changed mind Many Hats
Richard Insley Offline
Power Poster
Richard Insley
Joined: Oct 2000
Posts: 9,999
Toano, VA
For the same reason that do-overs are not allowed in Russian roulette, I agree with Rocky.
...gone fishing.

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