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#2254926 - 06/07/21 03:23 PM Waiver of RoR
dutchbltz Offline
100 Club
Joined: Oct 2015
Posts: 149
If we're allowing a client to waive her right of rescission, and have her letter requesting waiver on file, do we still provide the notice of RoR in her closing package?

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Lending Compliance
#2254927 - 06/07/21 03:25 PM Re: Waiver of RoR dutchbltz
rlcarey Online
10K Club
Joined: Jul 2001
Posts: 76,789
Galveston, TX
Why would you?? It is a very dangerous game you are playing though.
The opinions expressed here should not be construed to be those of my employer:

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#2254932 - 06/07/21 03:39 PM Re: Waiver of RoR dutchbltz
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,185
Make sure that it's a bonefide financial emergency!
Losing a deposit is not a financial emergency - it's bad planning. Losing a roof in a tornado is a financial emergency. Cancer treatment is a financial emergency, a 60% discount on a cruise good for 24 hours is not.

3 years to cancel a transaction is a pretty good penalty
Integrity. With it, nothing else matters. Without it, nothing else matters.

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#2255023 - 06/08/21 07:14 PM Re: Waiver of RoR dutchbltz
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 9,972
Toano, VA
In 16 years managing a compliance program, I can only remember a handful of times when we allowed a waiver of ROR. When there's a waiver, the borrower's attorney (later, after the loan goes sour) can go to court alleging that the consumer never understood what s/he waived. There's also the possibility that the borrower's handwritten explanation of the "bonefide financial emergency" (your only evidence of the basis for approving the waiver) is insufficiently detailed to convince the court that there was truly a "bonefide financial emergency." A sympathetic judge might toss the waiver, allow delayed rescission, and cost you a lot of money.
...gone fishing.

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