Recently, the United States Court of Appeals for the 4th Circuit held that a mortgage servicer’s failure to provide a required disclosure informing borrowers of their three-day right to rescind the loan under the Truth in Lending Act (TILA) does not relieve borrowers of their obligation to return disbursed loan proceeds upon an effective rescission. The ruling reversed a West Virginia District Court’s ruling against the mortgage servicer in a purported class action.
Continue Reading 4th Circuit: Borrower Must Return Loan Proceeds After Rescission Despite Lender’s Failure to Meet TILA Requirements
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Sherwin Root is an attorney in the Corporate Practice Group in the firm's Los Angeles office.
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About
Sherwin Root is an attorney in the Corporate Practice Group in the firm's Los Angeles office.
Connect: http://www.sheppardmullin.com/sroot
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