Monthly Archives: March 2010

RESPA Required Disclosures at Time of Loan Application

RESPA mandates that consumer borrowers receive disclosures their lender with specific content at specific times in the residential loan settlement process. This post will address disclosures mandated at the time of loan application, while the next post will address disclosures made before settlement/closing occurs. When borrowers first apply for a mortgage loan, either the mortgage

RESPA – Real Estate Settlement Procedures Act

This is the first in a series of blog posts addressing the Real Estate Settlement Procedures Act (RESPA). 12 U.S.C. Sec. 2601.

Remedies under TILA

A consumer is entitled to actual damages where a creditor fails to comply with the requirements imposed by TILA. The amount of these damages is equal to the sum of any actual damages sustained by the consumer as a result of the creditor’s violation. U.S.C. 1640(a)(1). Courts may require the consumer to show actual reliance upon the accuracy of the disclosures in order to claim actual damages.

TILA – Rescission Disclosures

Rescission rights arise when the transaction is a consumer credit transaction, in which a non-purchase lien or security interest is placed on the consumer’s principal dwelling unit. In layman’s terms, this applies primarily to home loan refinances with a different lender.

Forming an LLC

Forming an LLC can be a quick and painless process. The laws that govern this type of corporate identity are found in MCL 450.4102, et seq. The process is only painless when you have an experienced hand to guide you through the necessary filings, forms, articles, and legal implications.