.... bring up the three-day right of rescission when dealing with reluctant or hesitant borrowers. Get it right off your radar. First place, it's not our job to put borrowers at ease regarding their loan ... if they are having second thoughts, they're having second thoughts. If you start waving the 3-day flag, that could be considered coercing. Borrowers might feel pressured or intimidated.
Well, almost never, never, never. Having said that, if you feel the situation calls for it, you could very objectively point out to them they do have a three-day right to cancel, adding you're not trying to influence them one way or another, the RTC is simply another document in the package that they might want to consider ... or not. But that's pretty dangerous territory to be used only at 11 p.m. when their LO is safely tucked in bed and can't be reached and you think borrowers would appreciate knowing that option. Most of the time borrowers already know about the RTC period, anyway, and just plain don't want to sign docs they're not happy with. |
