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#622512 - 10/06/06 07:22 PM Recission?
Piano Man Offline
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Piano Man
Joined: Mar 2004
Posts: 442
Down South
If a customer lives in the home but it would be a purchase loan, would the recission apply? I was thinking no because it is a purchase.
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Lending Compliance
#622513 - 10/06/06 07:24 PM Re: Recission?
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
It would be an RMT not subject to rescission.
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#622514 - 10/06/06 07:17 PM Re: Recission?
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
Depends on the circumtances. Review the Commentary to 226.2(a)(24)(5).
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