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Regulation Z contains a long list of complex and confusing provisions. The rules related to the consumer’s right to rescind a mortgage transaction are near the head of the list. Few topics generate more litigation or more questions.
All of the rules, from providing the notice of rescission to undoing transactions that the borrower has rescinded, are covered. The recording explains what transactions are subject to the right to rescind, who has the right to rescind, how to handle rescission, and how to fix problems when they occur.
The recording and materials are fully updated.
This two-hour program recording explains all of the rescission rules. It provides easy to understand answers to questions, and it provides a system to assure compliance.
You’ll receive a detailed manual that serves as a handbook long after the recording is viewed.
Upon completion of this recording, you’ll understand:
- What transactions are subject to the right to rescind;
- Who has the right to rescind;
- How to handle rescission for both open-end and closed-end credit;
- How long does the rescission period lasts and when does it begin;
- Which of the seven model rescission forms to use;
- What is the potential liability if an error occurs and how are errors corrected; and
- Who has the right to waive the right to rescind.
The recording is designed for loan officers, compliance officers, loan processors and clerks and auditors.