The Truth in Lending Act: Regulation Z
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Mortgage servicing requirements under the Truth in Lending Act (TILA) have undergone some major changes in favor of the consumer. On January 10, 2014, the Consumer Finance Protection Bureau (CFPB) enacted amendments to TILA’s Regulation Z, setting higher standards for the behavior of mortgage loan servicers and imposing strict timelines for handling things like loan modifications, short sales, and deeds in lieu of foreclosures.
Now, consumers have the ability to bring claims against their servicer for unethical conduct that they previously did not have in the days when dual tracking, routine overcharges, and costly delays in payment application and approvals were common occurrences.
- If the following applies to you, contact Atlas Consumer Law about filing a claim under TILA – 331-321-4748
- Your mortgage loan servicer failed to provide correct information on monthly statements, or your servicer failed to send any statements at all.
- Your mortgage loan servicer failed to apply payments on the same day they received them.
- Your mortgage loan servicer applied payment to fees or corporate advances before principal interest taxes and insurance were made up-to-date.
- Your mortgage loan servicer failed to provide the name of owner, master servicer and servicer within 10 business days of the date of receipt of written prequest, payoff or reinstatement figures within seven business days of receipt of written request.
