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OnDemand Course

Regulation Z: Rescission Rights and Wrongs

Learn what the requirements for effective rescission demands are, and how a creditor can defend itself against such a claim.

Regulation Z rescissions can be costly and become more frequent when defaults and foreclosures rise. The regulatory requirements for such rescissions are detailed and complex and present a difficult playing field for borrowers and creditors. This program will help the listener learn what the requirements for effective rescission demands are and how a creditor can defend itself against such a claim. This material will examine the regulatory framework for such rescissions, who may exercise the right of rescission, and what a borrower must do to exercise that right properly. It will also explore when a creditor can successfully challenge such a demand and how a creditor can protect itself while meeting its obligations. With recession claims and lawsuits expected to increase whenever the number of defaults and foreclosures increase, the program will also examine how lenders can raise effective defenses in litigation.

87 minutes
Certificate of Completion
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Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

The Regulatory Framework

  • Loans Covered by TILA Right to Rescind
  • Who Can Rescind and Waiver of Right to Rescind
  • Notice of Right to Rescind
  • Extension of Time Period to Three Years

Processing Rescission Demands

  • Time Requirements for Response
  • Borrower Obligation to Tender Net Loan Proceeds and Creditor Obligation to Tender Cancelation of Mortgage/Deed of Trust
  • Calculating Total Finance Charges

Borrower Remedies

  • Litigation
  • Rescission as a Defensive Weapon in Foreclosure

Defenses

  • Borrower's Ability to Return Net Proceeds
  • Proving Borrower's Receipt of Notice of Right to Rescind
  • Statute of Limitations
  • Others

Ability to Repay - Rescission's Companion Foreclosure Offset

  • ATR Requirements
  • Foreclosure Setoff
  • Defenses
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on February 10, 2020.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Michael C. Flynn

Michael C. Flynn

Buchalter

  • Of Counsel at Buchalter and is a member of the firm’s Commercial Finance Practice Group and Mortgage Banking Group, and co-chair of its Financial Services Regulatory Group and Title Insurance & Escrow Industry Group
  • He applies his unique background as the former Acting General Counsel of HUD and the former General Counsel of PNC Mortgage and Flagstar Bank, to counsel clients on a variety of regulatory, mortgage, consumer financial services, FinTech, and real estate matters
  • Frequent speaker at different events, including California and Federal Legislative Update, California Mortgage Bankers Association Legal Affairs and Regulatory Compliance Conference, December 8, 2021; UDAAP, California Mortgage Association 2021 Summer Seminar, July 30, 2021; and UDAAP Exposure: How Can Banks Manage the Increased Risk?, Western Bankers Association 2021 Directors Virtual Workshop, June 23, 2021
  • Author of many publications, including Conference on Consumer Finance Law Quarterly Report - A Look at Federal, New York, and California COVID-19-Related Mortgage Forbearance, Foreclosure, and Eviction Moratoria: Can Expanded Protections Become Permanent?, 2022; American College of Mortgage Attorneys Spring Abstract - New COVID Residential Mortgage Borrower and Tenant Protections in California: Significant Temporary Mandates - Can They Become Permanent Requirements?, 2021; and National Mortgage News - Opinion: Preparing for the Return of Rescission Claims, 2020
  • Memberships include fellow of the American College of Mortgage Attorneys and chair of its Residential & Regulatory Committee; chair of CA Lawyers Ass’n Financial Institutions Committee; chair of the California Mortgage Bankers Association Legal Affairs Committee; Board of Regents of the Conference on Consumer Finance Law; fellow of the American College of Consumer Financial Services Lawyers; fellow of the American College of Real Estate Lawyers; member of American Bar Association Business Law and Litigation Sections and the Consumer Financial Services and Banking Law Committees; former chair of ABA Title Insurance Litigation Committee; former chair of ABA Banking Subcommittee on Retail and Consumer Finance Law; ABA Observer to the Uniform Law Commission’s drafting of proposed Uniform Home Foreclosure Procedures Act; former chair of ABA Business Law Section Task Force on Litigation Reform; former member of ABA Business Law Section Working Group on Electronic Evidence; former co-chair of ABA Business Law Section Subcommittee on In-House Litigation Management; former member of the American Land Title Association Claims Committee
  • J.D. degree, Duke University School of Law, William Neal Reynolds Scholar; B.A. degree, Indiana University, Arthur R. Metz Distinguished Scholar, Phi Beta Kappa
  • Can be contacted at [email protected], 213-891-5262 or 415-377-6048
Jason E. Goldstein

Jason E. Goldstein

Buchalter

  • Shareholder and co-chair of Buchalter’s Mortgage Banking Group
  • Practices in private money, real property-related litigation, title, escrow and trade secrets
  • Extensive legal background which includes defending lenders, brokers and servicers in court (negligence, fraud, TILA, RESPA, HBOR, wrongful foreclosure, lender/servicer liability defense, etc.), prosecuting escrow and title insurance litigation (on behalf of the insured), insurance coverage (Title, CGL, E&O, etc.), litigating misappropriation of trade secret claims, defending and prosecuting claims on behalf of general contractors and prosecuting receiverships
  • Published author and speaker on various topics
  • J.D. degree, University of Miami School of law; B.A. degree, University of Southern California
  • Can be contacted at 949-224-6235 or [email protected]
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Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 405759
Published 2020
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