If a lender fails to provide certain material disclosures, a borrower has up to seven years to rescind the mortgage.

Question

Quizplus · Accepted Answer

The correct time frame for a borrower to rescind a mortgage is three business days after closing, not seven years. However, certain material disclosures, such as the annual percentage rate (APR), must be provided accurately to the borrower to prevent potential rescissions.

If a Lender Fails to Provide Certain Material Disclosures, a Borrower