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| Truth in Lending Act Audits are based upon the foregoing publications: Pannabeker, James H.; Model Compliance Manual: A Template for Mortgage Professionals, Pannabeker, James H.; Clontz Jr., Ralph C; Truth – In – Lending Manual: Text and Forms Washington, D.C.: A.S. Pratt & Sons Rohner, Ralph J.; Miller, Fred H., Truth in Lending; Truth in Lending 2006 Supplement, Chicago, Ill.:American Bar Association, 2000 Renuart, Elizabeth; Keest, Kathleen, National Consumer Law Center, Truth in Lending (6th ed. 2007) Boston, Mass.: National Consumer Law Center The federal Truth in Lending Act, at 15 U.S.C. §§ 1601 et seq. (“TILA”), & its implementing regulations at 12 C.F.R. § 226 et seq. (“Reg. Z”) * Please do not send originals with the exception re urgent matters I. Best Case: A. All documents you received at closing including: 1. Good Faith Estimate 2. Hud-1 Settlement Statement 3. Promissory Note 4. Deed Of Trust/ Mortgage 5. Loan Application 6. Itemization of “Amount Financed” 7. Escrow Statements 8. Truth In Lending Disclosure Statement 9. Adjustable Rate Riders 10. HUD Brochures 11. Right to Cancel Notices 12. Variable Rate Disclosures 13. Payment Coupon (especially re Open-end Loans) 14. Business Affiliations Disclosure 15. "PMI" Private Mortgage Insurance Disclosure 16. Pre-Approval Letters 17. Broker's Agreements 18. Disbursal Disclosures 19. Prepaid Finance Charge Itemization Disclosure 20. Advertisements re Loan Rate 21. Equal Credit Opportunity Act Disclosure 22. Fair Housing Act Disclosure 23. Privacy Disclosure 24. Any other documents received at closing
II. Minimally: (Especially if you misplaced your documents or did not receive any) A. All Closing documents obtained from the lender or title company/closing agent. 1. Please notate in some manner the source of the documents.
III. Default or Foreclosure Cases: A. All letters from the lender, the Servicer, their legal counsel and/or any other documents related to the collections, settlement, etc., including information about the Trustee's Sale or litigation. IV. Documentation re Family Trust or Mortgage Reconciliation Process. A. It is not necessary to send information relative to your Family Trust or Mortgage Reconciliation Process, unless you are in foreclosure and/or in need of litigation assistance services.
V. In Bankruptcy A. It is not necessary to send documentation re your Bankruptcy unless you need litigation assistance services.
A TILA AUDIT PROVIDES A REMEDY FOR MORTGAGE LOAN DISCLOSURE ABUSES The single most important remedy for the homeowner facing foreclosure is: The Truth in Lending Act, 15 U.S.C. §§1601 et seq. (“TILA”), as amended by the Home Ownership and Equity Protection Act of 1994 ("HOEPA"), Pub. L. 103-325, 108 Stat. 2190, adding 15 U.S.C. §§1602(aa) and 1639, and implementing FRB Regulation Z; 12 C.F.R. part 226.
There is also an Official FRB Commentary, 12 C.F.R. part 226 Supp. I, which despite its name is a regulation issued under the Administrative Procedure Act, 5 U.S.C. §553, and entitled to be treated as such. The portions of Regulation Z and the Commentary implementing HOEPA were substantially revised in December 2001. 66 FR 65604 (Dec. 20, 2001).
“The legislative history [of TILA] makes crystal clear that lack of uniformity in the disclosure of the cost of credit was one of the major evils to be remedied by the Act.” “Note that an adhesion contract defense probably would be available even against a holder in due course of a negotiable instrument.” by: Patrick A. Randolph, Jr. Professor of Law, UMKC School of Law randolphp@umkc.edu A consumer does not need to prove that the lender intended to violate the Truth in Lending Act in order to prove a violation. In re Porter, 961 F.2d 1066, 1078 (3d Cir. 1992); Wright v.Tower Loan of Mississippi, Inc., 679 F.2d 436, 445 (5th Cir.1982); McGowan v. King, 569 F.2d 845, 849 (5th Cir. 1978); Shepeard v. Quality Siding and Window Factory, 730 F. Supp. 1295, 1299 (D. Del. 1990), 15 U.S.C.§§ 1601(a), 1602, 1635(a); Reg. Z, 12 C.F.R. § 226.23(a)(1), Semar v. Platte Valley Fed. Sav. & Loan Ass’n, 791 F.2d 699, 704–705 (9th Cir. 1986); Mills v. Home Equity Group, 871 F.Supp. 1482, 1485–86 (D.D.C. 1994), S. Rep. No. 96-368, 96th Cong. 2d Sess. 28, reprinted in 1980 U.S. Code Cong. & Admin. News 236, 264
Consumer – Law – Advocates ◊ Dale Hollis P.O. Box 593041 San Antonio, Texas 78259 ◊ 210 – 447 – 7765 rhollis1938@att.net
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