Regulatory compliance counsel Michael Christians will lead you through a deep dive into the right of rescission. You will learn the who, what, when, why, and how of the three-day right to cancel.
What You'll Learn
- Who is entitled to exercise the right to cancel?
- What are the effects of rescission?
- When do borrowers/owners exercise the right to cancel?
- How can you comply with regulatory requirements?
Training Overview
Consumers have the right to cancel some loans within three days of signing. With the uncertainty caused by the COVID-19 pandemic, borrowers are increasingly taking advantage of this option. You need to understand the circumstances under which you must offer this right, how to communicate it to borrowers, and how to handle cancellation requests.
Laws and regulations govern every aspect of the right of rescission, from which disclosures you must provide to how to calculate the deadline date. As you face increasing rescission requests and heightened regulatory scrutiny to protect consumers, you must review and update your procedures to ensure compliance.
- Who is entitled to exercise the right to cancel?
- What are the effects of rescission?
- When do borrowers/owners exercise the right to cancel?
- How can you comply with regulatory requirements?
Who Should Attend?
-
Real estate lenders
-
Lending management
-
Loan processors
-
Internal auditors
-
Compliance professionals
Expert Presenter
Michael R. Christians
- Principal of Michael Christians Consulting, LLC
- Assists financial institutions and organizations across the country with ensuring their compliance programs conform to federal laws and regulations
- Provides counsel relative to current rules, assists with the strategic implementation of upcoming regulatory changes, and offers customized education and training services
- More than two decades of experience in the financial services industry
- JD from Drake University Law School
- Member of the Iowa State Bar