Answer:
There is no specific requirement that you have the signed statement in hand before disbursing funds. Many lenders do this as a precaution. Others make a phone call. Still others trust.
First published on BankersOnline.com 2/11/02
Right of Rescission and Notice of NonCancellation
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Question:
With regard to the right of recission, is it necessary to obtain the signed notice of noncancellation prior to funding a loan if the three day period has expired, and the Lender is reasonably sure that the Borrower will not rescind the transaction?
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