News & Analysis as of

Trade Groups Submit Brief in SCOTUS TILA Rescission Case

This week, six financial services trade associations submitted an amicus brief in Jesinoski v. Countrywide Home Loans, Inc., No. 13-684, a case pending before the U.S. Supreme Court that may resolve a circuit split over...more

TILA versus TILA: Rescission by Notice or Lawsuit

Here’s something to ponder on: “Whether the Truth in Lending Act entitles homeowners to rescind their mortgage commitment by notifying the lender in writing within the period specified by the statute, or whether the...more

CFPB, State AGs Weigh In On TILA Rescission

This week, the CFPB and 25 states filed amicus briefs in Jesinoski v. Countrywide Home Loans, Inc., No. 13-684, a case pending before the U.S. Supreme Court that may resolve a circuit split over whether a borrower seeking to...more

Seventh Circuit Holds Courts Can Require Up-Front Tender In TILA Rescission Cases

On May 28, the U.S. Court of Appeals for the Seventh Circuit affirmed a district court’s holding that required two borrowers who prevailed on their TILA rescission claims to tender the amounts advanced to them before...more

Supreme Court to Rule on Controversial Right of Rescission Timeline for Mortgages

The Supreme Court agreed this month to resolve a stark divide in the United State Courts of Appeals regarding the time bar for residential mortgage borrowers to file suits related to mortgage loan rescissions under the Truth...more

Eleventh Circuit Holds Certain Improper Disclosures Do Not Trigger TILA Rescission

On January 14, the U.S. Court of Appeals for the Eleventh Circuit affirmed dismissal of a suit seeking rescission of a mortgage loan based on the lender’s alleged failure to disclose the “real lender” and improper disclosure...more

Utah Federal Court Rules on “Clear and Conspicuous” Requirement under the Truth-in-Lending Act

The United States District Court for the District of Utah partially granted summary judgment for borrowers alleging that their mortgage lender violated the Truth in Lending Act, and its implementing regulation, Regulation Z. ...more

Borrower Must File Suit before Foreclosure To Exercise Rescission Rights, Eighth Circuit Holds

The Eighth Circuit recently held that a borrower must file suit before foreclosure to exercise rescission rights under TILA. The court now joins the Ninth and Tenth Circuits in holding that notice alone is not sufficient. In...more

Fannie Mae Announces Requirements For Foreclosure Sale Eliminations And Rescissions

On September 18, Fannie Mae issued Servicing Guide Announcement SVC-2013-19, which establishes requirements for eliminations and rescissions of foreclosure sales, effective immediately. The announcement states that when a...more

Dodd-Frank News: September 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases ..CFPB Involvement in Litigation ..Say-On-Pay Voting ..Constitutional Challenges to Dodd-Frank ..TILA Rescission ..Dodd-Frank Amendment to the Securities and...more

Eighth Circuit Extends Recent TILA Rescission Holding

On August 19, the U.S. Court of Appeals for the Eighth Circuit held that borrowers facing foreclosure were required to file suit prior to the foreclosure sale to complete the exercise of their right to rescind under TILA....more

Closing Protection Letters: Overlooked Indemnity Coverage For Common Foreclosure Defense Claims

Mortgage lenders are all too familiar with borrowers’ assertions that they did not receive two properly dated copies of the Truth-In-Lending Act (“TILA”) mandated Notice of Right to Cancel form (“NORTC”) at closing. Under...more

Sherzer v. Homestar Mortgage Services: The Third Circuit Takes Sides in a Circuit Split Over How a Borrower Exercises Rescission...

In a recent decision, the Third Circuit took sides in a split between U.S. Circuit Courts of Appeal over what action borrowers must take to exercise their right to rescind a loan under the Truth in Lending Act (TILA). It...more

Federal Court Holds Borrowers Must Allege Sufficient Basis To Exercise TILA Three-Year Right Of Rescission

On February 28, 2013, the U.S. Court of Appeals for the Fourth Circuit held that a borrower failed to state sufficient facts to avail herself of TILA’s extended three-year right to rescind her mortgage. Wolf v. Federal Nat’l...more

Third Circuit TILA rescission decision adopts CFPB position

The Third Circuit has now joined the Fourth Circuit in ruling that a lawsuit seeking rescission filed more than there years after loan consummation is timely as long as the borrower sent a written notice of rescission within...more

Borrower Can Sue After Three Years to Rescind Mortgage Loan, 3rd Circuit Rules

A borrower can bring a lawsuit seeking rescission more than three years after loan consummation as long as the borrower has sent a written notice of rescission within the three-year period, the U.S. Court of Appeals for the...more

Fourth Circuit Suggests Borrower Must Plead Tender In TILA Rescission Case

On December 10, the U.S. Court of Appeals for the Fourth Circuit affirmed in an unpublished per curiam opinion the dismissal of a TILA rescission claim because of the borrower’s failure to allege tender of the net loan...more

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