Ben Olson Quoted in National Mortgage News Article, "Time to Get Serious About RESPA/TILA Compliance"Benjamin K. Olson
Ben Olson was quoted in the National Mortgage News article, "Time to Get Serious About RESPA/TILA Compliance" on August 13, 2014.
"Mortgage lenders that are not in compliance with the new disclosure requirements will be subject to the same CFPB penalties as they are today for other violations. It is still unclear, however, exactly which provisions of the rule are subject to private lawsuits under the Truth in Lending Act and which are not," said Benjamin K. Olson, a partner at Buckley Sandler LLP in Washington.
Borrowers can also seek compensation from lenders, though the specifics of that aren't exactly clear yet. "While some aspects of the new disclosures originate in RESPA and may not carry a private right of action, Congress expanded the TILA disclosures to include several additional items, such as the aggregate amount of settlement charges," said Olson.