How does the Right of Rescission for Refinancing affect a closing schedule?
The Right of Rescission is a non-waivable federal regulation that allows a borrower (and a borrower’s spouse, even if the spouse is not a borrower on the note) to cancel a refinance decision anytime within three business days of the closing, excluding Sundays and Holidays and sometimes Saturdays. The Right of Rescission applies to every refinance transaction involving the borrower’s PRINCIPAL residence. It does NOT apply to any other lending transaction, such as a purchase closing or a refinance of an investment property or second home. WHEN IS THE MONEY AVAILABLE? What this means to a borrower who is refinancing a home for any reason is that the money from their refinancing note is NOT available until the fourth business day after the closing. For closings on Thursdays, funds would not, for example, normally be available until the following Tuesday. This also means that the payoff for the mortgage that is being replaced by the refinance will also NOT be sent until the fourth business
Related Questions
- I clicked on the SCHEDULE TAB to get to my TASK MANAGER and my CONTACT LIST MANAGER and I do not see those tabs in the bottom right section of WorkCenter anymore. How do I get that view back?
- Will VanS schedule sales appointments and report closing ratios?
- The proposed HST will only affect my invoicing system, right?
