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Home / Opinion Digests / Consumer Protection – TILA – Mortgage Loan Rescission – Deposit Refund (access required)

Consumer Protection – TILA – Mortgage Loan Rescission – Deposit Refund (access required)

Homeowners who changed their mind about refinancing lose their Truth-in-Lending claim against a lender who deducted credit report and appraisal costs from their $500 deposit; the 4th Circuit says the right to rescind under 15 U.S.C. § 1635(a) is available only to rescind a consummated credit transaction, and because the borrowers elected not to go ...

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