If a Notice of Right to Rescind (ROR) is provided inadvertently to a customer not entitled to receive an ROR notice -- what are potential impacts? Could the loan be rescindable if they were provided the notice at loan closing?
I have a closed-end LOC to purchase and renovate a dwelling loan that has matured. I am doing permanent financing on it with additional funds to complete renovation. Is this a ROR loan or would you consider this type of loan a construction/perm that wouldn't require ROR?
We have a property that the son and dad are on the deed, but just the son lives in the home does just the son sign the ROR?
Assuming we are complying with e-sign, we are presenting mortgage documents and disclosures upon closing, would it be compliant to deliver the right to rescind to a married couple if we sent 1 copy to a shared email address? Also, how to comply with sending two copies of the notice?
Is right of rescission required on a refinance of an existing HELOC if there is no new money and renewing loan to extend the maturity date?
A borrower is an individual but the mortgagor is a trust for which the borrower is a trustee. Does right to rescind apply?
My customer has a revolving line of credit opened 10-31-95 with subsequent 3 year annual renewals. The collateral is his owner-occupied residence. For a new advance, are Right of Rescission and Truth in Lending disclosures required?
If you have a HELOC on the books in the name of only one party, husband. It closes in April and then in November, the husband calls and says that his wife wants to be added to the HELOC as co-borrower. You get an application signed by both for jt. Intent and modify the note to add her to it along with the other miscellaneous disclosures. What do you do about her Right of Rescission?
If a customer has a mortgage on land and now purchasing a mobile home, is a right of rescission required?
We have a customer that is purchasing a mobile home to put on land that they already own and we will be taking the land and the mobile home as collateral. Does the Right of Recession apply in this case? and if so why?