Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Wednesday, June 12, 2024 | Back issues
Courthouse News Service Courthouse News Service

Ameriquest Must Disclose Payment|Due Dates, Seventh Circuit Rules

CHICAGO (CN) - "When a specific requirement is straightforward, lenders should not be able to dance around it in their disclosures," Judge Wood wrote in a Seventh Circuit ruling against Ameriquest Mortgage.

The lender lost a consolidated appeal accusing it of failing to explicitly disclose payment due dates or payment periods to borrowers. Sarah Hamm and Shirley Jones sued the mortgage company and its subsidiaries in different federal courts, claiming the company obfuscated the payment requirements of their 30-year mortgages in violation of the Truth in Lending Act. They also claimed that Ameriquest's one-week rescission right notice might cause borrowers to unknowingly give up their TILA-mandated rescission rights. "Hypertechnicality reigns" when it comes to the TILA, the circuit said. "The key point is that the borrower should not have to make any assumptions." See ruling in Hamm v. Ameriquest Mortgage Company

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...