Five days after closing a home mortgage refinancing, I received an interest rate lock request from the broker and a new loan application. No broker fees or discounts were included. The closing and lock dates were back-dated to two months earlier. No disclosure was made. The rate and loan amount tied to the final TIL disclosure. I think I'm entitled to rescind. If there was no consummation until the day of settlement, then when were disclosures required? For redisclosure that occurs at settlement, what should be the date of the redisclosure?
If you truly closed on your refinancing, that means you signed the new promissory note and the mortgage or deed of trust. You now have a binding contract. If someone (the mortgage broker or whoever) is now trying to send you a new rate lock request and a new loan application, what is the purpose?
The only real questions are: Was the rate properly reflected on your promissory note? Were the fees properly reflected on your closing documents? Was everything accurate on your Truth in Lending disclosures? If the answer to those questions is yes, you've been provided all your material disclosures and you would not have a right of rescission.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
If you truly closed on your refinancing, that means you signed the new promissory note and the mortgage or deed of trust. You now have a binding contract. If someone (the mortgage broker or whoever) is now trying to send you a new rate lock request and a new loan application, what is the purpose?