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Can the borrower decline an approved loan after escrow closed?

The borrower no longer needs the loan. by b.barton641 from , California. Mar 18th 2019 Reply

William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,707 contributions

Humm.. Just so I'm understanding your question.. Everyone has signed the final paperwork and the lender funded and closed the loan, recorded the deed and disbursed the funds, and now you want to cancel?? If that's the scenario, then the answer is no.. once funds have been disbursed, all rights to rescission has ended. You can pay off the loan, but you cannot cancel it.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Mar 19th 2019
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,915 contributions

A little confused? Borrower no longer needs the loan? Once a loan is closed, it is closed. Period. On a refinance, you have three business days after closing to rescind the loan, but after that, it is a done deal.

Mar 20th 2019
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