Skip to content

Is Loan to Home Owner Rescindable?

Answered by: 

Question: 
We are providing a primary dwelling secured loan to a consumer who owns the home free and clear. Since it is not a refinancing, is the transaction rescindable?
Answer: 

Yes. You are taking a security interest in the consumer's primary dwelling. Review Reg. Z 226.15 and .23 and their Commentaries.

First published on BankersOnline.com 1/24/11

First published on 01/24/2011

Filed under: 
Filed under security as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics