Fact Pattern 31-1B
Northeast Bank makes mortgage loans to consumers,including Mai,to buy homes.
-Refer to Fact Pattern 31-1B.For Mai's loan,Northeast provides all required disclosures.Mai has a right to rescind the mortgage

Question

Fact Pattern 31-1B 
Northeast Bank makes mortgage loans to consumers,including Mai,to buy homes.
-Refer to Fact Pattern 31-1B.For Mai's loan,Northeast provides all required disclosures.Mai has a right to rescind the mortgage

Quizplus · Accepted Answer

Under the Truth in Lending Act, consumers have the right to rescind certain mortgage loans within three business days of signing the loan documents. This allows them time to review the terms of the loan and make sure they are comfortable with the obligations they are taking on. Therefore, Mai has the right to rescind the mortgage within three business days.