News & Analysis as of

Borrowers Truth in Lending Act (TILA)

Appellate court upholds creditors’ ability to charge interest on written off accounts

by Thompson Coburn LLP on

Creditors frequently continue to assess contractual interest on delinquent accounts after the creditors have charged off the accounts and stopped sending periodic account statements to the borrowers. On August 29, 2017, the...more

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

by Buchalter on

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

CFPB Issues Final Mortgage Servicing Rules

by McGuireWoods LLP on

On August 4, 2016, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited final mortgage servicing rule under the Real Estate Settlement Procedures Act (RESPA) and implementing Regulation X, and the Truth in...more

Current Developments In Risk Management For Mortgage Brokers

by Buchalter on

Whether a mortgage broker is acting as the agent of a borrower in negotiating a loan from a wholesale lender, or arranging a loan by bringing together a proposed borrower and lender, or acting as a lender and originating the...more

Jesinoski Update: TILA Rescission in a Post-Jesinoski World

by Dorsey & Whitney LLP on

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

TILA Notice Requirement Not Retroactive: Ninth Circuit

The Ninth Circuit Court of Appeals recently ruled that a 2009 amendment to the Truth in Lending Act (TILA) does not apply retroactively. In a putative class action, Plaintiffs Mohammad and Rosa Talaie brought a claim...more

CFPB Brings Another Auto Lender Action, This Time for $48M

Why it matters - Continuing its focus on the auto lending industry, the Consumer Financial Protection Bureau (CFPB) ordered Westlake Services LLC and subsidiary Wilshire Consumer Credit LLC to pay roughly $48 million for...more

CFPB Orders Auto Financer to Pay $48.3M for Misleading Borrowers

by MoFo Reenforcement on

On September 30, 2015, the CFPB ordered an indirect auto lending company and its auto lending subsidiary to pay $48.3 million in fines for alleged FDCPA, TILA, and UDAAP violations. The CFPB alleges that the companies...more

CFPB Orders Indirect Auto Finance and Title Loan Companies to Pay $48.35 Million in Redress and Penalties For Abusive Debt...

by Ballard Spahr LLP on

The CFPB has entered into a consent order with Westlake Services, LLC, an indirect auto finance company, and its wholly owned subsidiary, Wilshire Consumer Credit, LLC, for alleged deceptive debt collection practices. The...more

CFPB Takes Action Against Second Indirect Auto Finance Company in Three Days

by Stinson Leonard Street on

On October 1, 2015, the Consumer Financial Protection Bureau (CFPB) announced its second enforcement action in three days against an indirect auto finance company. In its latest action, the CFPB took aim at indirect auto...more

Real Estate News - August 2015

by Barley Snyder on

Coming Soon… New Closing (no, Consummation…) Rules! Now Starting October 3, 2015 Instead of August 1, 2015 - What?! We can’t call it a closing anymore? Under new federal regulations regarding the Truth in Lending Act...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending July 31 & August 7, 2015

by Carlton Fields on

Foreclosure: non-borrower owner of real property as tenants-in-common with borrower not required to sign mortgage for borrower to encumber only his interest in the property and non-borrower’s signature on mortgage reflected...more

Coming Soon... New Closing (no, Consummation...) Rules!

by Barley Snyder on

What?! We can’t call it a closing anymore? Under new federal regulations regarding the Truth in Lending Act (“TILA”) and the Real Estate Settlement Procedures Act (“RESPA”), the terminology for a “closing” or “settlement” is...more

Locke Lord QuickStudy: CFPB Claims Sensitivity on Good-Faith TRID Compliance Efforts

by Locke Lord LLP on

On June 3, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray responded to Congressional requests and industry pleadings for a grace period in enforcing the new TILA-RESPA Integrated Disclosures...more

Seventh Circuit Clarifies “Date of Receipt” of Online Mortgage Payment

by Ballard Spahr LLP on

In a recent putative class action by borrowers against a mortgage servicer alleging violations of the Truth in Lending Act (“TILA”), the Seventh Circuit Court of Appeals found that mortgage servicers must credit electronic...more

Sixth Circuit Holds Servicer Not Liable For Violations of Truth in Lending Act

by Goodwin on

The United States Court of Appeals for the Sixth Circuit affirmed in part and reversed in part a district court’s dismissal of two claims—one under the Truth in Lending Act, the other under the Real Estate Settlement...more

CFPB Amends Examination Procedures to Incorporate Amendments to Mortgage Rules

by Goodwin on

The CFPB issued updates to its examination procedures for the Real Estate Settlement Procedures Act and the Truth in Lending Act to reflect recent amendments to Regulation X and Z, the implementing regulations. For example,...more

Litigation Exposure Under The 2013 Dodd-Frank Mortgage Servicing Regulations

by Burr & Forman on

In This Issue: - Introduction - Potential Litigation Exposure Under the New Mortgage Servicing Regulations Governing Responses to Borrower Inquiries ..Which of the New Servicing Regulations Governing Responses...more

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

by Ballard Spahr LLP on

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

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

by Buchalter on

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

CFPB Solidifies Loan Originator Compensation Restrictions, Dumps Zero-Zero Requirement

by K&L Gates LLP on

Even though the loan originator compensation rule (the “Final Rule” or “Rule”) finalized by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) in January passed without as much fanfare as the Bureau’s Qualified...more

You Need to Pay Attention to the Consumer Financial Protection Bureau

For those companies who pay attention to the always evolving regulatory environment as we do at Brownstein Hyatt Farber Schreck, you have likely heard the debate regarding the validity of rules promulgated by organizations...more

New TILA Section Expands Disclosure Requirements

by Baker Donelson on

The Truth in Lending Act (TILA) is a consumer protection statute that imposes mandatory disclosure requirements on creditors who extend consumer credit to borrowers. Brodo v. Bankers Trust Co., 847 F. Supp. 353 (D. Penn E.D....more

Third Circuit TILA rescission decision adopts CFPB position

by Ballard Spahr LLP on

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

by Ballard Spahr LLP on

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

29 Results
|
View per page
Page: of 2
Cybersecurity

"My best business intelligence,
in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up using*

Already signed up? Log in here

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.