The Browns have rescinded their loan transaction, informing their lender of their decision by mail, they are entitled to a full refund within?

In the context of rescinding a loan transaction, particularly under the provisions of the Truth in Lending Act (TILA), borrowers typically have the right to rescind the loan within three business days of the transaction. If they choose to exercise this right, they must notify the lender, often in writing.

Once a borrower rescinds the loan, the lender is required to return all money and property exchanged in the transaction within a specified timeframe. The correct timeframe for a full refund in the event of a loan rescission is 20 days. This allows sufficient time for the lender to process the rescission and return the funds to the borrower.

This timeframe ensures that borrowers are protected and have a clear expectation of when they will receive their refund following the rescission of the loan. Understanding these timelines is crucial for both borrowers and professionals in real estate and mortgage services to ensure compliance with the law and to maintain good customer relationships.