Right Of Rescission: Literally means 'to take back' or 'cancel.' If a borrower rescinds a mortgage loan, it is as if the mortgage loan never existed. Some borrowers have by law a right to 'rescind' certain mortgage loans. Note: A Borrower is entitled to a refund all fees paid in connection with the loan if the Borrower exercises his right of rescission.

 

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Right Of Rescission: Literally means 'to take back' or 'cancel.' If a borrower rescinds a mortgage loan, it is as if the mortgage loan never existed. Some borrowers have by law a right to 'rescind' certain mortg . . . View Full Definition

Point-Of-Service (POS) Product: A healthcare option that allows members to choose at the time medical services are needed whether they will go to a provider within the plan's network or seek medical care outside the network.

Point-Of-Service (POS) Plan: A health plan allowing the member to choose to receive a service from a participating or non-participating provider, with different benefits levels associated with the use of participating providers.

Point Of View Character: The central figure in a limited point of view narration, the character through whom the reader experiences the author's representation of the world. See point of view, above.