You CAN accrue interest on both loans, barring a state law to the contrary. However, whether you WANT to (or, some might say, SHOULD) do so, may be another matter. The point is, unless a particular state has restrictions, lenders are free under federal law and regulation to earn interest on both loans during the rescission period.
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William J. Showalter, CRCM, CRP
Opinions expressed are mine only & are not legal advice.