TILA Powerpoint
Posted: Tue Mar 02, 2010 9:22 am
Hi Jim,
Thank you for attending the consumer law presentation. I'm glad you found
it informative.
Regarding the loan audits, I personally do not have much use for them. I've
seen maybe a dozen audits that potential clients have brought me. They've
ranged from 10 pages to over 100 pages. In my experience 90% are of no use
for me. For the most part, these auditors themselves use Complianceease.com
to do their auditing work, add a few of their own observations, and package
them into a template. Many of these auditors do not understand TILA
rescission rights and what factors are required. Thus, oftentimes,
potential clients come in claiming rescission rights under TILA despite the
fact that it's a purchase $ loan, over 3 years from consummation date,
non-primary residence, etc.. The 10% have been useful for some issue
spotting, but I don't rely on anyone other than myself or another attorney
that I know is experienced in this area.
In regard to whether these cases will dry out, yes, I think for the most
part, that is the case. But TILA is one cause of action out of several that
I bring. Also, while the number of cases may decrease, noncompliance with
TILA in recent loans are still numerous. And since lenders are more strict
in funding refinance loans, there will be far less of a concern regarding
the tender issue.
Let me know if I can be of further help.
My best,
Jacob D. Chang, Esq.
Law Offices of Jacob D. Chang
1600 Wilshire Boulevard, Third Floor
Los Angeles, CA 90017
Tel: (213) 252-4440
Fax: (213) 738-1116
Email: jacobchang.esq@gmail.com
Please kindly consider the environment before printing this e-mail.
Note: This electronic mail is intended to be received and read only by
certain individuals. It may contain information that is attorney-client
privileged or protected from disclosure by law. If it has been misdirected,
or if you suspect you have received this in error, please notify me by
replying and then delete both the message and reply. Thank you.
On Mon, Mar 1, 2010 at 6:00 PM, Jim Selth wrote:
>
>
> Jacob: Great presentation on Saturday, very interesting. Two questions
> about the TILA rescission claims, which I didn't get to ask on Saturday:
>
>
>
> First, is there *any* value to these companies who solicit clients and
> advertise to do "forensic loan audits" of the client's loan documents. I
> have assumed these are scams, and I've seen the Attorney General's statement
> warning consumers not to pay any fee up front for any such "audit". Is that
> your opinion as well?
>
>
>
> Second, based on the three-year time deadline to mail the Notice of
> Rescission from the signing date on these refinance loans, and given that
> the loan refi boom was pretty much over by the end of 2007, wouldn't you
> agree that there won't be many of these cases left by the end of this year?
>
>
>
>
> Jim
>
>
>
> James R. Selth
>
> Weintraub & Selth, APC
>
> 12121 Wilshire Boulevard, Suite 1300
>
> Los Angeles, California 90025
>
> Telephone: (310) 207-1494
>
> Facsimile: (310) 442-0660
>
> E-Mail: jim@wsrlaw.net
>
>
>
> NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY THE INTENDED RECIPIENT
> OF THE TRANSMISSION AND THIS COMMUNICATION IS INTENDED TO BE PRIVILEGED BY
> LAW. IF YOU RECEIVED THIS E-MAIL IN ERROR, ANY REVIEW, USE, DISSEMINATION,
> DISTRIBUTION, OR COPYING OF THIS E-MAIL IS STRICTLY PROHIBITED. PLEASE
> NOTIFY US IMMEDIATELY OF THE ERROR BY RETURN-E-MAIL AND PLEASE DELETE THIS
> MESSAGE FROM YOUR SYSTEM. THANK YOU IN ADVANCE FOR YOUR COOPERATION.
>
>
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] *On Behalf
> Of *Jacob Chang
> *Sent:* Monday, March 01, 2010 5:49 AM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] TILA Powerpoint [1 Attachment]
>
>
>
>
>
> *[Attachment(s) from Jacob Chang included
> below]*
>
> Thank you for attending. I hope it was informative and worthwhile.
>
> Jacob D. Chang, Esq.
> Law Offices of Jacob D. Chang
> 1600 Wilshire Boulevard, Third Floor
> Los Angeles, CA 90017
> Tel: (213) 252-4440
> Fax: (213) 738-1116
> Email: jacobchang.esq@gmail.com
>
> Please kindly consider the environment before printing this e-mail.
>
> Note: This electronic mail is intended to be received and read only by
> certain individuals. It may contain information that is attorney-client
> privileged or protected from disclosure by law. If it has been misdirected,
> or if you suspect you have received this in error, please notify me by
> replying and then delete both the message and reply. Thank you.
>
>
>
Hi Jim,Thank you for attending the consumer law presentation. I'm glad you found it informative. Regarding the loan audits, I personally do not have much use for them. I've seen maybe a dozen audits that potential clients have brought me. They've ranged from 10 pages to over 100 pages. In my experience 90% are of no use for me. For the most part, these auditors themselves use Complianceease.com to do their auditing work, add a few of their own observations, and package them into a template. Many of these auditors do not understand TILA rescission rights and what factors are required. Thus, oftentimes, potential clients come in claiming rescission rights under TILA despite the fact that it's a purchase $ loan, over 3 years from consummation date, non-primary residence, etc.. The 10% have been useful for some issue spotting, but I don't rely on anyone other than myself or another attorney that I know is experienced in this area.
In regard to whether these cases will dry out, yes, I think for the most part, that is the case. But TILA is one cause of action out of several that I bring. Also, while the number of cases may decrease, noncompliance with TILA in recent loans are still numerous. And since lenders are more strict in funding refinance loans, there will be far less of a concern regarding the tender issue.
Let me know if I can be of further help.My best,Jacob D. Chang, Esq.Law Offices of Jacob D. Chang1600 Wilshire Boulevard, Third FloorLos Angeles, CA 90017Tel: (213) 252-4440Fax: (213) 738-1116
Email: jacobchang.esq@gmail.comPlease kindly consider the environment before printing this e-mail. Note: This electronic mail is intended to be received and read only by certain individuals. It may contain information that is attorney-client privileged or protected from disclosure by law. If it has been misdirected, or if you suspect you have received this in error, please notify me by replying and then delete both the message and reply. Thank you.
On Mon, Mar 1, 2010 at 6:00 PM, Jim Selth <jim@wsrlaw.net> wrote:
Jacob: Great presentation on Saturday, very interesting. Two
questions about the TILA rescission claims, which I didn't get to ask on
Saturday:
First, is there any value to these companies who solicit
clients and advertise to do "forensic loan audits" of the client's
loan documents. I have assumed these are scams, and I've seen the
Attorney General's statement warning consumers not to pay any fee up front for
any such "audit". Is that your opinion as well?
Second, based on the three-year time deadline to mail the Notice
of Rescission from the signing date on these refinance loans, and given that
the loan refi boom was pretty much over by the end of 2007, wouldn't you agree that
there won't be many of these cases left by the end of this year?
Jim
James R. Selth
Weintraub & Selth, APC
12121 Wilshire Boulevard, Suite 1300
Los Angeles, California 90025
Telephone: (310) 207-1494
Facsimile: (310) 442-0660
E-Mail: jim@wsrlaw.net
NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY THE
INTENDED RECIPIENT OF THE TRANSMISSION AND THIS COMMUNICATION IS INTENDED TO BE
PRIVILEGED BY LAW. IF YOU RECEIVED THIS E-MAIL IN ERROR, ANY REVIEW, USE,
DISSEMINATION, DISTRIBUTION, OR COPYING OF THIS E-MAIL IS STRICTLY
PROHIBITED. PLEASE NOTIFY US IMMEDIATELY OF THE ERROR BY RETURN-E-MAIL
AND PLEASE DELETE THIS MESSAGE FROM YOUR SYSTEM. THANK YOU IN ADVANCE FOR
YOUR COOPERATION.
From:
cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] On Behalf Of Jacob
Chang
Sent: Monday, March 01, 2010 5:49 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] TILA Powerpoint [1 Attachment]
[Attachment(s) from Jacob Chang included
below]
Thank you for attending. I hope it was
informative and worthwhile.
Jacob D. Chang, Esq.
Law Offices of Jacob D. Chang
1600 Wilshire Boulevard, Third Floor
Los Angeles, CA 90017
Tel: (213) 252-4440
Fax: (213) 738-1116
Email: jacobchang.esq@gmail.com
Please kindly consider the environment before printing this e-mail.
Note: This electronic mail is intended to be received and read only by certain
individuals. It may contain information that is attorney-client privileged or
protected from disclosure by law. If it has been misdirected, or if you suspect
you have received this in error, please notify me by replying and then delete
both the message and reply. Thank you.
The post was migrated from Yahoo.