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All of the rules, from providing the notice of rescission to undoing transactions that the borrower has rescinded, are covered.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 program 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 program and the program materials are updated to include recent revisions to rescission tolerances.
This two-hour program explains all of the rescission rules. It provides easy to understand answers to questions. and it provides a system to assure compliance.
Participants receive a detailed manual that serves as a handbook long after the program is completed.
Upon completion of this course, attendees 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;
- Who has the right to waive the right to rescind; and
- The recent revisions to rescission tolerance rules.
The program is designed for loan officers, compliance officers, loan processors and clerks and auditors.
Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 43 years. In 38 years as a trainer over 145,000 bankers (and many examiners) have participated in Jack’s live seminars and webinars. Jack’s career began in 1976 as a federal bank examiner. He later headed the product and education divisions of a regional consulting company. There he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by a number of state bankers associations. As a contractor he developed and delivered compliance training for the FDIC for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association.
Robin Cooper, CRCM is the Director of Compliance for Compliance Resource, LLC, a source of compliance assistance for financial institutions. Robin’s career in banking began in 2004. Since that time she has worked for community and regional financial institutions ranging from $100 million to $1 billion in asset size regulated by the Office of the Comptroller of the Currency (OCC) and Federal Reserve Board (FRB). Robin has worked in numerous compliance and banking roles, including Compliance Auditor, Internal Auditor, BSA Officer, and Compliance Officer. In 2010 Robin established and led the, now longstanding, Central Kentucky compliance roundtable for compliance officers in central and southern Kentucky to convene and discuss emerging compliance issues. Robin has a bachelor’s degree in Government from Centre College, attended the American Bankers Association National Compliance School, and is a Certified Regulatory Compliance Manager.