Mortgages, Truth in Lending Act (TILA), Rescission

Regulation Z, COVID-19, and Bona Fide Personal Financial Emergency Waivers

Akerman LLP on 5/7/2020

On April 29, 2020, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule clarifying Regulation Z's bona fide personal financial emergency provisions in the context of the COVID-19 pandemic. The CFPB...more

CFPB Allows Waiting Periods under TILA and RESPA to be Modified or Waived Due to COVID-19

Burr & Forman on 5/6/2020

On April 29, 2020, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule allowing certain consumers to modify to waive certain waiting periods required under the Truth in Lending Act (TILA) and the Real...more

In a Case of First Impression, the Ninth Circuit Begins to Unravel the Mystery of When a Claim to Enforce a Rescission Request...

BCLP on 2/5/2019

An action by a Washington state borrower to enforce a request for rescission of a loan under the Truth in Lending Act (TILA) is analogous to an action to enforce a contract and must be brought within the Washington state...more

Rescission Requests under TILA

BCLP on 1/7/2019

In a case of first impression, the Ninth Circuit begins to unravel the mystery of when a claim to enforce a rescission request under the Truth in Lending Act (TILA) may be time-barred. An action by a Washington state borrower...more

Lender’s “Boilerplate” Disavowal Dooms Rescission of a Common Loan Modification Agreement

BCLP on 8/23/2018

In a case with potentially broad implications, the Sixth Circuit becomes the first federal circuit court to hold that the Truth in Lending Act provides no right to rescind a loan modification agreement entered into with a...more

Sixth Circuit Nixes TILA Rescission Claim

Butler Snow LLP on 8/18/2016

Two homeowners tried to rescind their home mortgage loan when they weren’t notified that the deed of trust had been assigned. Although this argument may have been a creative way to stave off a foreclosure, it was not...more

Truth-In-Lending Act Rescission Part I: Why The U.S. Supreme Court’s Jesinoski Opinion Does Not Defeat The Statute of Limitations

Buchalter on 8/15/2016

Before the United States Supreme Court opinion in Jesinoski v. Countrywide Home Loans, Inc. (2015) __ U.S. __, 135 S.Ct. 790, the law in the Ninth Circuit was that a borrower who sought to exercise a conditional right of...more

Jesinoski Update: TILA Rescission in a Post-Jesinoski World

Dorsey & Whitney LLP on 2/8/2016

A little over one year ago, the U.S. Supreme Court issued its ruling in Jesinoski v. Countrywide Home Loans, Inc., 135 S. Ct. 790 (2015), which resolved a circuit court spit regarding how a mortgage borrower may exercise the...more

The Beukes Decision: A Helpful Clarification Regarding the Right of Rescission

Dorsey & Whitney LLP on 10/22/2015

Earlier this year, in Jesinoski v. Countrywide, the Supreme Court answered an important question regarding the procedure for rescinding a residential mortgage refinance loan under the Truth in Lending Act (“TILA”). Under...more

Supreme Court Provides TILA Home Loan Rescission Guidance

Spilman Thomas & Battle, PLLC on 3/27/2015

In a recent unanimous decision, the United States Supreme Court held that a borrower exercising her right to rescind a mortgage loan under the Truth in Lending Act (“TILA”) merely had to provide written notice of rescission...more

All Consuming - Legal Updates for Consumer Finance Professionals

Spilman Thomas & Battle, PLLC on 3/20/2015

In This Issue: - Supreme Court Provides TILA Home Loan Rescission Guidance - West Virginia Legislature Proposes Changes to the WVCCPA - Defeating Another Challenge to the Mortgage Electronic Registration System...more

Supreme Court’s Jesinoski Ruling Provides Clarity on TILA Rescission While Creating Many Questions

Dorsey & Whitney LLP on 2/5/2015

On January 13, 2015, the U.S. Supreme Court settled a circuit court split regarding how and when a mortgage borrower may exercise the right of rescission under the Truth-in-Lending-Act (“TILA”) and the CFPB’s implementing...more

Supreme Court Issues Significant Decision Interpreting Truth In Lending Act

Stinson LLP on 2/5/2015

In a unanimous decision issued on January 13, the Supreme Court held that a borrower exercises its right to rescind under Section 1635 of the Truth In Lending Act (TILA), simply by notifying its creditor of its intent to...more

Rescission of Home Mortgage Loans

Sherman & Howard L.L.C. on 1/30/2015

The Truth-in-Lending Act (“Act”) was adopted in 1969. It has spawned dozens of lawsuits and hundreds of administrative rules and interpretations. Recently, the United States Supreme Court had an opportunity to address the...more

Borrowers Need Not File Suit to Rescind Mortgage Loan Under TILA, U.S. Supreme Court Holds

Manatt, Phelps & Phillips, LLP on 1/30/2015

Why it matters - In a victory for consumers, the U.S. Supreme Court unanimously ruled that the Truth in Lending Act (TILA) does not require borrowers to file suit to rescind a mortgage loan transaction within the...more

Supreme Court Rules Written Notice Is Sufficient to Rescind under TILA

Blank Rome LLP on 1/29/2015

Action Item: In light of the United States Supreme Court’s decision in Jesinoski, lenders should be aware that written notice provided by the borrower, within three years of the loan consummation, is sufficient to exercise...more

Supreme Court Eases Requirements for Homeowners Rescinding Mortgages

Bilzin Sumberg on 1/26/2015

The U.S. Supreme Court recently held in Jesinoski v. Countrywide Home Loans, Inc. that borrowers exercising their right to rescind mortgages under the Truth in Lending Act (“TILA”) only need to provide written notice to...more

No Lawsuit Required to Rescind: U.S. Supreme Court Clarifies Mortgage Rescission Notification Requirements for Borrowers under...

Bradley Arant Boult Cummings LLP on 1/22/2015

Background of Notice versus Lawsuit Issue - The Truth in Lending Act (“TILA”), as implemented by Regulation Z, provides borrowers with a powerful tool: the right to rescind certain mortgage loan transactions. This...more

High Court Clarifies TILA Rescission Procedure

Miller & Martin PLLC on 1/21/2015

In Jesinoski v. Countrywide Home Loans, et al. (No. 13-684), the U.S. Supreme Court has eased the process by which a borrower may seek to walk away from his home mortgages, holding that the borrower, in order to avail himself...more

Supreme Court Unanimously Resolves Circuit Split Regarding Notice Requirement for Truth in Lending Act Right of Rescission

Snell & Wilmer on 1/16/2015

In Jesinoski v. Countrywide Home Loans, Inc., decided January 13, 2015, the United States Supreme Court resolved a circuit split and clarified that borrowers need not file a complaint in order to invoke their right to rescind...more

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