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#2236937 - 05/19/20 06:34 PM ROR Applies?
Banker57 Offline
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Joined: Jul 2010
Posts: 439
If a principal dwelling is used as (additional) collateral to purchase a second home does ROR apply?

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Lending Compliance
#2236939 - 05/19/20 06:43 PM Re: ROR Applies? Banker57
rlcarey Online
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Joined: Jul 2001
Posts: 81,310
Galveston, TX
The opinions expressed here should not be construed to be those of my employer:

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#2236985 - 05/20/20 12:28 PM Re: ROR Applies? Banker57
Jerod Moyer Offline
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Jerod Moyer
Joined: Oct 2005
Posts: 667
Sioux Falls, SD
...any loan subject to Regulation Z and secured by the equity in the consumer's current principal dwelling (for example, a bridge loan) is subject to the right of rescission regardless of the purpose of that loan. [Commentary to §1026.23(a)(1) #4 and Commentary to §1026.15(a)(1) #6)]
Jerod Moyer

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