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Generating a Right of Rescission (ROR) Document

The Right of Rescission (ROR) document does not generate for new construction loans. The loan must meet specific criteria during the workflow process to generate this document.

In the Characteristics node, the Construction Stage must have a value of Improvement to generate the Right of Rescission document. Alternatively, the user can select the Bridge Loan check box on the Real Estate node, if applicable.
  1. Navigate to OnBoard Loans.
  2. Select Setup > Product Setup.
  3. Select Edit on the correct product.
  4. Verify that the Construction Stage field does not have the Protected check box selected.
  5. Navigate to Loans > Loans in Process.
  6. Search for and select the customer.
  7. Complete all required fields on the Parties to the Loan node.
  8. Complete the following steps on the Characteristics node:
    1. Select a Construction Type.
      Note This value cannot be None.
    2. Verify that the Construction Stage field dynamically appears.
    3. Select a value of Improvement for the Construction Stage field.

      The Construction Type and Construction Stage fields highlighted on the Characteristics node.

    4. Complete all required fields on the Characteristics node.
  9. Complete the following steps on the Collateral node:
    1. Select a Collateral Type value.
    2. Verify that the appropriate parties appear in the Select Parties as Collateral Owners section.
    3. Select The Collateral Securing this Loan is a Dwelling check box in the General Information section.
    4. Select The Collateral Securing this Loan is the Owner's Principal Dwelling check box in the General Information section.
      Note The Collateral Securing this Loan is a Dwelling and The Collateral Securing this Loan is the Owner's Principal Dwelling must both be selected for the Right of Rescission document to generate.
    5. Select the Collateral Purchased with Loan Proceeds check box.
    6. Complete all required fields on the Collateral node.
  10. Advance to the Real Estate node and complete the following steps:
    1. Select the Bridge Loan check box.
      Note Only select Bridge Loan if it is applicable.
    2. Select Loan is a Refinance From Another Lender or the Origination of a New Rescindable Loan check box.
    Note Only select this check box if the loan is a home equity line of credit (HELOC).
    1. Select Intended Purpose for the Loan check box.
    2. Complete all required fields on the Real Estate node.
  11. Advance to the Doc Manager node and complete the following steps:
    1. Select a Documents Provider Engine value.
    2. Select Create on the Doc List (Expere) tab.
    3. Verify that the Right of Rescission document appears correctly.
Parent topic: Doc Manager