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You Violated the Truth in Lending Act, and We Want Out!

Earlier today the U.S Supreme Court ruled in favor of borrowers who were victims of the Truth in Lending Act violations. The 9-0 vote ruling gives borrowers the ability to back out from their mortgage contracts within three years in cases in which the lender violated this act. When this happens, there is no need to file a suite; the only borrower needs to write a letter to his lender.1

 

The pivotal case was brought to court by Larry and Cheryle Jesinoski, an Minnesotan couple, after the bank refused to honor the notification they filed right before the three year period ended. Their lender failed to properly disclose finance charges and interest rates. Apparently, mortgage companies “routinely” violated this law before the subprime financial crisis.

 

At Nations Lending Corporation, our mortgage branch partners get up to date compliance training. Whenever we help branch managers open a mortgage branch, we ensure the staff is properly trained. It is vital that loan officers are properly trained and supervised to prevent violation of the act.

 

Case Jesinoski v. Countrywide, US Supreme Court No. 13-684: http://www.supremecourt.gov/opinions/14pdf/13-684_ba7d.pdf

 

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1 http://www.reuters.com/article/2015/01/13/usa-court-mortgages-idUSL1N0US11V20150113

We are looking for experienced mortgage branch managers who are looking to excel in their local market. Nations Lending Corporation offers mortgage branch opportunities nationwide. With 12 direct agency products, we are a better alternative to any mortgage net branch arrangement. Talk to us if you are looking to open a mortgage branch.

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