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Live Webinar

90-minute live streaming program
  • February 10
  • 1:00 - 2:30 pm EST

Regulation Z: Rescission Rights and Wrong's

February 10

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. The Program 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.

Learning Objectives

  • You will be able to define the regulatory framework for Regulation Z rescissions.
  • You will be able to identify when a borrower has waived the right to rescind or failed to properly demand rescission.
  • You will be able to discuss what a creditor must do in response to a demand for rescission, and how to defend itself in litigation.
  • You will be able to to review a transaction to determine if the right to rescind has been extended to three years.

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Why Lorman?

Over 33 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 33 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

Live Webinar Registration

  • CPE 1.8 including Specialized Knowledge 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 1.5 hours.
     

Who should attend?

This live webinar is designed for presidents, vice presidents, branch managers, loan officers, credit and collections managers, loan department personnel, compliance officers, financial counsellors, and risk managers.

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Why Lorman?

Over 33 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 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

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 33 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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