transfer is “made” at the time of perfection. See id. All of this raises the question of when a transfer “takes effect” — a question that the statute does not answer. The bankruptcy court assumed, as we have said, that the mortgage transfer took effect on June 30, 2000, when Mr. Lowe signed the mortgage papers and delivered them to the bank. This, we believe, was error. Under Regulation Z, Lowe had an absolute right to cancel the transaction— and to rescind the mortgage — before midnight of July 5, 2000. Accordingly, the bank did not disburse any of the proceeds of the loan until July 6, 2000. For both of these reasons, it seems to us, the mortgage was unenforceable before July 6 and the mortgage transfer took effect on that date. See In re Pitman, 843 F.2d 235, 2Á0-41 (6th Cir.1988) (<HOLDING>). Having determined when the mortgage transfer
holding that in a case in which an omitted junior mortgagee foreclosed its mortgage the junior mortgagee had the absolute right to redeem from the senior mortgagee who had purchased the property at a sale following foreclosure of the senior mortgage holding that a mortgage or modification of a mortgage is not a good or a service under the dtpa holding that a mortgage transfer does not take effect until the mortgagee gives value in exchange for the mortgage holding that foreclosure of prior mortgage extinguished second mortgage holding that the note and the mortgage must coexist to give the mortgage validity