Under the TILA,consumers Have the Right to Rescind a Mortgage

question 37

Multiple Choice

Under the TILA,consumers have the right to rescind a mortgage for up to:

• A) five business days (Monday through Friday) after signing.
• B) three business days (Monday through Saturday) after the signing.
• C) three years from the date of the mortgage if the lender does not comply with the disclosure provisions of the TILA.
• D) Both (a) and (c).
• E) Both (b) and (c).

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Definitions:

Present Value

The current worth of a future sum of money or stream of cash flows given a specified rate of return.

Market Rate

The prevailing price or interest rate in the market for goods, services, or securities.

Interest

The payment made for the use of (borrowed) money.

Total Fertility Rate

The average number of children a woman is expected to have during her lifetime in a specific population.