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Lenders › Rescission

Bradley Arant Boult Cummings LLP

FHA Overhauls Appraisal Rules: Three Appraisal Policy Related Mortgagee Letters Rescinded

Bradley Arant Boult Cummings LLP on

On March 19, 2025, the Federal Housing Administration (FHA) issued Mortgagee Letter (ML) 2025-08 titled “Rescinding Multiple Appraisal Policy Related Mortgagee Letters.” As the title suggests, FHA rescinded three mortgagee...more

Rosenberg Martin Greenberg LLP

No Windfall For You! Fourth Circuit Holds That Return of Loan Proceeds Is A Critical Part Of Rescission Under Truth In Lending Act

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The federal Truth In Lending Act (TILA) is a consumer protection statute designed to protect borrowers from unfair lending practices. When a consumer loan is secured by the borrower’s residence, the TILA gives the borrower...more

Rosenberg Martin Greenberg LLP

"No Harm, No Foul:” Suit to Set Aside Foreclosure Sale for Failure to Comply With Deed of Trust Doomed By Failure to Allege That...

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The opinion of the Virginia Supreme Court of Appeals in Young-Allen v. Bank of America provides both hope for lenders frustrated by borrowers who delay inevitable foreclosure sales by requiring the lender to comply with every...more

White & Case LLP

Consumer financial services: The road ahead: Small-dollar loans

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In February 2019, the CFPB released the highly anticipated revamp of its Payday Rule, reinforcing its more lenient attitude towards payday lenders. In light of the Bureau’s softer touch, as well as similar developments at the...more

Spilman Thomas & Battle, PLLC

Reverse Mortgages Becoming a Bigger Part of Litigation in West Virginia

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Consumers in West Virginia have found a new subject on which to file lawsuits. Within the past couple of years, litigation over reverse mortgages has become a bigger part of consumer lending litigation in West Virginia....more

Troutman Pepper Locke

Newly-Enacted Texas Law Confirms Mechanism for Lenders to Unilaterally Rescind Acceleration

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On June 17, 2015, Governor Greg Abbott signed House Bill 2067, which amends the Texas Civil Practice and Remedies Code to provide a clear mechanism for lenders to unilaterally rescind acceleration of a defaulted loan. ...more

Buchalter

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

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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

Katten Muchin Rosenman LLP

Promises to Keep—Lender Beware: California Supreme Court Expands Parol Evidence Fraud Exception

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In 1935, the California Supreme Court in Bank of America National Trust and Savings Ass’n v. Pendergrass prohibited a borrower from introducing external or parol evidence to demonstrate fraud in connection with an agreement...more

Ballard Spahr LLP

Third Circuit TILA rescission decision adopts CFPB position

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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

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