Fact Pattern 22-1
Northeast Bank makes mortgage loans to consumers, including Mai, to buy homes.
-Refer to Fact Pattern 22-1. For Mai's loan, Northeast provides all required disclosures. Mai has a right to rescind the mortgage

Question

Fact Pattern 22-1 
Northeast Bank makes mortgage loans to consumers, including Mai, to buy homes.
-Refer to Fact Pattern 22-1. For Mai's loan, Northeast provides all required disclosures. Mai has a right to rescind the mortgage

Quizplus · Accepted Answer

According to the Truth in Lending Act (TILA), borrowers have a right to rescind a mortgage loan within three business days from the date of closing, which is also known as the "right of rescission." Therefore, Mai can exercise this right within three business days if she decides to rescind the mortgage loan.