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.
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Why Lorman?
Over 34 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 34 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 34 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
Buchalter
- Of counsel with the firm of Buchalter where his practice is focused on coporate law and privacy and data security
- Member of the firm’s Corporate Practice Group and co-chair of Buchalter’s Mortgage Banking Group in the Los Angeles office
- 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
- Published author and speaker on various topics
- J.D. degree, Duke University of Law; B.A. degree, Indiana University
- Can be contacted at 213-891-5262 or [email protected]
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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Why Lorman?
Over 34 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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