Resources > Glossary > Rescind

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Rescind

Phonetics: re·scind    \ri-'sind\

Function: verb

Infinitive: to rescind

Present Tense: rescinded

Past Tense: rescinds

Present Continuous: rescinding

Definition 1:
In the context of the notary profession, the verb "To rescind" would be used when a borrower cancels their loan by rescinding. The document that authorizes the borrower to rescind is the notice of right to cancel which gives the borrower the right to cancel their loan or "rescind" within three days of signing the loan paperwork ( not including Sundays or Federal Holidays ). The process of rescinding would be to fax or notify the lender in writing.