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Right of Rescisson

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  • #2553
    shea930
    Participant

    We currently require the customer to sign the Notice of Right to Cancel and then we also have them sign again after the 3-days stating their decision NOT to cancel. From what I’ve read we are not require to have them sign anything….I’m just curious about what other bank are requiring signature wise on ROR. We also have one file that we had the customer sign the Notice of Right to cancel but we didn’t have them sign the after the 3 day period was over (no funds were disbursed until after the 3 days)…would we have a violation?

    #3197
    dmurray
    Participant

    We do the same thing, have the customer sign at closing then wait and sign again after the 3 business days, including Saturdays has expired. How else do you prove that the customer didn’t want to rescind or even got the notice? I know it’s a pain though.

    #3194
    chichi63
    Member

    The name of the game is consistency. Either do one or the other, but you absolutely cannot have a mixed bag.

    #3195
    dmurray
    Participant

    LOL “Consistency”…. whoever heard of that.

    I’m kidding, she’s right 🙂

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