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#996110 - 07/15/08 09:32 PM Right of Rescission required?
Chocaholic Offline
Gold Star
Joined: Aug 2005
Posts: 443
Northwest
We are refinancing a commercial real estate loan and in addition taking an abundance of caution on their primary residence ( we do record a Deed of Trust)... should we provide a right of rescission to husband & wife... I know not reg. Z so does this remove the need for ROR because of the business purpose...

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Lending Compliance
#996121 - 07/15/08 09:41 PM Re: Right of Rescission required? Chocaholic
Ray_ Offline
Platinum Poster
Joined: Aug 2006
Posts: 879
Dallas, TX
The right of rescission does not apply to a business purpose loan, even though the loan is secured by the customer's principal dwelling.

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#996124 - 07/15/08 09:43 PM Re: Right of Rescission required? Ray_
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,765
Central City, NE
ditto.
_________________________
David Dickinson
http://www.bankerscompliance.com

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#996157 - 07/15/08 10:11 PM Re: Right of Rescission required? David Dickinson
Chocaholic Offline
Gold Star
Joined: Aug 2005
Posts: 443
Northwest
thank you!

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