Tag Archives: residential property

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.

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.

TILA – ARM Disclosures

Adjustable rate mortgages (ARMs) which are secured by the borrowers primary residence and have a term of greater than one year, face additional disclosure requirements under TILA. Although disclosing the following terms satisfies any disclosure requirements under TILA for any variable rate transaction, not every variable rate transaction requires the full set of ARM disclosures.

TILA Residential Mortgage Disclosures

Most home mortgages are subject to the disclosure requirements of TILA. 15 U.S.C. Sec. 1638. The required disclosures must be provided to the homeowner prior to the consummation of the transaction, i.e. prior to closing. Homeowners have the right to rescind most credit transactions, including home equity loans, where the home is taken as collateral.

TILA, Form of Disclosures

The Truth in Lending Act (TILA) requires that consumers be given specific disclosures before the closing of certain credit transactions. Specifically, disclosures must be “clear and conspicuous(), in writing, in a form that the consumer may keep” 15 U.S.C. 1632(a); Reg Z Sec. 226.5(a)(1). The disclosures are required only for “material terms” related to the

Statute of Limitations Under TILA

Often the greatest hurdle in seeking relief under the Truth in Lending Act (TILA) is ensuring that the case is filed within the applicable statute of limitations. A statute of limitations limits the time an individual has to file an action after they have been wronged. When a violation of TILA occurs, the one year

Strategic Foreclosures

Foreclosure is a serious and legally significant process. There are many strategies to handle a foreclosure once it has begun, but as noted in this article, strategies can begin long before foreclosure begins. Wilson Law Group, PLC does not advise that you necessarily follow the advice in the article.  However, when financial issues begin to

Truth In Lending

Consumers are often misled as to their legal rights and obligations by more sophisticated parties. At Wilson Law Group, we level the playing field through application of various consumer protection statutes and regulations. This is the first post in an ongoing series briefly summarizing existing consumer protection laws. The Federal Truth in Lending Act (TILA),