Alogent recently created a new spreadsheet that helps bankers calculate the cost of their current exception tracking workflows.
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Reg Z Rescission Calendar Calculator
After seeing fellow BOLers excited about a 12 page calendar that calculated rescission periods, Andy Zavoina of BOL decided that Excel should be able to do this easier. With a little scripting help from fellow Netizens, the final product is made available here. The prior versions are available for auditing older loans.
You will input the loan date and the rescission period is calculated according to the Reg. Z time tables. This does allow Sunday and holiday funding, since that is not uncommon in many banks today. If you do not close on these dates, move to your next business day.
This Excel file is ready for use by compliance, audit, lenders, loan representatives, etc., but you have to allow the macro to run for this application to work. In my tests it simply asks to click an allow macro box before loading the file.
First published on 12/20/2023
Last updated on 12-20-2023