Here's the scenario: Currently friend 1 and friend 2 own a property together. The bank has two applications individually from each one. Friend 1 is applying to refinance existing property and remove friend 2 from the mortgage and the deed (procedure is to give ROR since individual already has ownership). Friend 2 has applied to purchase a new home. Friend 2 needs to close ASAP because the seller's health is failing, but can't close until removed from existing lien. Friend 1 wants to waive ROR. Should the bank allow the waiver?

How is that a financial emergency for Friend 1?

You didn't specify this in your post. But is this Friend 1's principal residence?

If your bank holds the current mortgage, you have the ability to release Friend #2 from it prior to Friend #1 paying it off. That will allow #2 to go to closing asap.

Thank you for the feedback. Dan, my first thought was the same as yours, once I clarified who was doing what. It is the principal residence of Friend 1, but I hadn't thought about the option of releasing Friend 2 now. Thank you again.