Customer owns 2 acres of bare land. Our loan is to purchase a mobile home to place on this land to be their principal residence. Our system says that ROR applies but our LOs seem to think different. Is ROR exempt on loans of this nature?
Is the Right of Rescission required when refinancing a real estate loan secured by 160 acre farm, and advancing funds to pay off credit card debt once loan originated?
We are doing a construction loan on a primary residence. The customer is living in a mobile home on 19 acres where the new house is to be built. Our form system is not giving a right of rescission. Is a ROR required?
Are additions to homes considered construction loans if we are using their dwelling as collateral? If so what rescission is required? It will not be a HELOC.
Right of rescission Primary Home in FL. Non-borrowing spouse and not on title. Signs ROR yes or NO?
If you are using someone's personal residence as collateral on a business/commercial loan do we need the 3 day right of rescission?
We are refinancing a 1st mortgage loan and 2nd mortgage loan(HELOC) to a new rate & term 1st mortgage loan to stay in our portfolio. Both are held in our portfolio now and no new money is being added, just principal balance with costs being paid by borrower at closing. Is a right of rescission required for this transaction?
Do we have to get a 3 day right of rescission when we are going from a construction loan to a perm loan?
When a customer is purchasing a new home that they will live in and they use their current home as collateral in lieu of a down payment - will have a lien on both properties - Does rescission apply?
When you are cross pledging an existing mortgage to a new loan, do you amend the mortgage or prepare a new mortgage? Or do you just reference on the note that the loans are cross pledged?