Under what condition can a borrower waive the right to rescind?

A borrower can waive the right to rescind in the event of a bona fide personal financial emergency. The right to rescind is a consumer protection measure that allows borrowers a three-day period to reconsider a home equity loan or refinance mortgage after closing. However, if the borrower faces a genuine financial emergency, such as the need to quickly obtain funds to avoid foreclosure, they may choose to waive this right to expedite the loan process.

This provision is designed to balance consumer protection with the need for agility in urgent financial situations. The term "bona fide personal financial emergency" typically includes situations that could jeopardize the borrower's financial stability or well-being, such as a significant medical expense or unexpected job loss.

The other conditions listed do not meet the regulatory standards for waiving the right to rescind. For instance, desiring a faster closing does not constitute an emergency; merely changing one’s mind about the loan or the appraisal process do not provide sufficient grounds for waiver under the same consumer protection principles.