The rescission has to be mailed within three business days to be effective. Thus
it may not be in the hands of the lender within three business days. Rescinding a transaction does void any security interest the lender has in a property. This is the problem when either a rescission has been improperly issued or the disclosures were materially incorrect. This extends the rescission period from 3 days to three years! So an incorrect or an improperly issued rescission could result in a lender losing all of their security interest in a property after the loan has been funded and the money has been spent.