Rescission by a homeowner terminates their already closed borrower mortgage transaction.
Right of rescission, after closing
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Mortgage Loan Brokering & Lending
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Form-of-the-Week: Personal Property Inventory, and Security Agreement For Note Secured by Personal Property — Forms 256 and 436
These forms are used by a seller’s agent or escrow officer when preparing a purchase agreement or counteroffer for a real estate transaction when the transfer of personal property is included and when on a carryback sale the price includes the transfer of personal property which together with the property sold will be security for the carryback note, to grant the seller a security interest in the personal property.
May a co-owner challenge an encumbrance on the other co-owner’s interest in a jointly owned property?
In re: Groves
Agents pivot as the economy teeters on the edge of recession; Monthly Statistical Update (January 2024)
California job additions continue; Job growth contracts; The yield spread forecasts the next recession.
Section 32 disbursements, servicing and modification restrictions
Learn the ten prohibited lender actions which protect the borrower after origination of a high-cost (Section 32) consumer-purpose mortgage.
Section 32 homeowner protections limiting mortgage note provisions
Several repayment provisions in the note documenting a Section 32 mortgage origination are restricted in their scope — or outright prohibited.
The points and fees test for Section 32
Learn when a consumer-purpose mortgage falls under Section 32 limitations and disclosure rules.
Form-of-the-Week: Further Encumbrance Consent, and Note Enforcement Provisions — Forms 410 and 418-5
These forms are used by a prospective junior lender or carryback seller when the real estate is encumbered by an existing first mortgage containing a due-on clause, to obtain consent from the lender holding the mortgage to further encumber the property with a second mortgage, and by a loan broker or escrow officer when originating a mortgage with the lender or carryback seller, to include a guarantee, exculpatory or governing law provision in the promissory note.
The APR Coverage Test: Part 2
Part 2 of this video series provides examples for how MLOs can determine whether a transaction is subject to Section 32 compliance.
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