TILA

Did Your Home Lender Reveal All Rates and Fees on the Credit Extended to You?

TILA was created to guarantee the accurate and meaningful disclosure of the true cost of credit, so that consumers can make informed decisions about borrowing. TILA provides that lenders are strictly liable for their failure to provide proper disclosures pursuant to the Act.

Under TILA, a lender must accurately disclose the finance charge to the borrower, including certain charges imposed directly or indirectly by it as an incident to the extension of credit. A lender must also disclose the amount financed to the borrower as well as the annual percentage rate to the borrower.  A TILA attorney at Charlip Law Group, LC has the experience to know when a borrower's rights have been violated.

RESPA

Did You Receive a Good Faith Estimate Before You Closed on Your Home?

Congress enacted RESPA in December, 1974 for the purpose of protecting borrowers from "unnecessarily high settlement charges caused by certain abusive practices..." in the making of" federally related mortgage loans,"

Among other things, RESPA prohibits kickbacks and referral fees: "No person shall give and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding oral or otherwise, that business incident to or part of a real estate settlement service involving a federally related mortgage loan shall be referred to any person." RESPA also prohibits unearned fees: "No person shall give and no person shall accept any portion, split or percentage of any charge made or received for the rendering of a real estate settlement service in connection with a transaction involving a federally related mortgage loan other than for services actually performed." RESPA requires that the lender provide to the borrower a settlement statement which shall "conspicuously and clearly itemize all charges imposed upon the borrower...in connection with the settlement." 12 U.S.C. § 2603(a).

RESPA requires that the lender and mortgage broker provide to the borrower "a good faith estimate of the amount or range of charges for specific settlement services the borrower is likely to incur in connection with the settlement." The term "settlement services" includes "any service provided in connection with a real estate settlement including, but not limited to...the origination of a federally related mortgage loan (including, but not limited to, the taking of loan applications, loan processing, and the underwriting and funding of loans)."

Any person who violates the provisions of RESPA is liable for treble damages, costs, and reasonable attorneys' fees. To see if your rights have been violated contact a RESPA attorney at Charlip Law Group, LC.