Regulation Z: The Right to Rescind Closed End Loans
Consumer Financial Protection Bureau (CFBP)
Regulation Z provides a borrower a limited right to rescind a mortgage secured by the borrower’s principal residence. Loans exempt from rescission are a residential mortgage loan (which is a purchase money loan), and a refinancing of a principal residence secured loan by the same creditor that made the loan being refinanced, provided that there is no extension of new money.
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