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Table of Contents

List of Forms by Chapter

Chapter 1 — Introduction

Chapter 2 — The Illinois Mortgage Foreclosure Law

Chapter 3 — Predatory Lending and Servicing Practices

Chapter 4 — Legal Remedies for Mortgage Abuses

I. [4.1] Truth in Lending and Home Ownership and Equity Protection Acts

[4.2] Applicability

[4.3] Purpose

[4.4] Rescission Rights

[4.5] Home Ownership and Equity Protection Act

[4.6] Disclosure Requirements

[4.7] Substantive Requirements

[4.8] Remedies

[4.9] Higher-Priced Mortgage Loans

[4.10] Additional Provisions Relating to Home Mortgages Added in 2008 – 2011

[4.11] October 1, 2009, Regulation Z Amendment

[4.12] Regulation N — Mortgage Advertising

[4.13] Restrictions on Charging Interest and Fees Without Sending Periodic Statements

[4.14] Notice of Transfer of Ownership

[4.15] Common Truth in Lending Act Violations Relating to Mortgages

[4.16] Truth in Lending Act Remedies

[4.17] Truth in Lending Act Limitations

II. [4.18] Real Estate Settlement Procedures Act and U.S. Department of Housing and Urban Development Regulation X

[4.19] Good-Faith Estimate/Loan Estimate

[4.20] Escrow Limitations

[4.21] Cranston-Gonzales National Affordable Housing Act Amendment to the Real Estate Settlement Procedures Act

[4.22] Kickbacks, Yield Spread Premiums, and Bogus Charges

III. Fair Debt Collection Practices Act

[4.23] In General

[4.24] What Is a “Debt Collector”?

[4.25] Debt Buyers

[4.26] Collection Lawyers

[4.27] Foreclosure Lawyers

[4.28] Creditors

[4.29] Furnishers of Deceptive Forms

[4.30] Repossessors and Enforcers of Security Interests

[4.31] Who Is a “Consumer”?

[4.32] What Is a “Debt”?

[4.33] Personal, Family, or Household Purposes

[4.34] Transaction

[4.35] “In Connection With” the Collection of a Debt

Typical Fair Debt Collection Practices Act Violations Relating to Mortgages

[4.36] Prohibited Third-Party Contacts and Contacts with Represented Consumers — 15 U.S.C. §1692c

[4.37] Harassing and Abusive Conduct — 15 U.S.C. §1692d

[4.38] False, Deceptive, or Misleading Communications — 15 U.S.C. §1692e

[4.39] Unfair Practices — 15 U.S.C. §1692f

[4.40] Validation Notice — 15 U.S.C. §1692g and Regulation F, 12 C.F.R. §1006.34

[4.41] Venue — 15 U.S.C. §1692i

[4.42] Civil Remedies — 15 U.S.C. §1692k

[4.43] Who May Sue

[4.44] Statutory Damages

[4.45] Actual Damages

[4.46] Vicarious Liability

[4.47] Where Suit May Be Filed

[4.48] Limitations

[4.49] Intent

IV. [4.50] Collection Agency Act

V. [4.51] Equal Credit Opportunity Act and Federal Reserve Board Regulation B

VI. [4.52] Fair Housing Act and 42 U.S.C. §§1981 and 1982

VII. [4.53] Fair Credit Reporting Act

VIII. [4.54] Consumer Fraud and Deceptive Business Practices Act

[4.55] Deception

[4.56] Unfairness

[4.57] Elimination of Common-Law Fraud Restrictions

[4.58] Mortgage Practices Challenged Under Consumer Fraud and Deceptive Business Practices Act

IX. [4.59] Residential Improvement Loan Act

X. [4.60] Residential Mortgage License Act and Regulations

XI. [4.61] Illinois High Risk Home Loan Act

[4.62] Applicability

[4.63] Substantive Provisions

[4.64] Prior Regulations

XII. Interest Act

[4.65] Provisions

[4.66] Federal Preemption

XIII. [4.67] Consumer Installment Loan Act and 38 Ill.Admin. Code Pt. 110

XIV. [4.68] Illinois Fairness in Lending Act

XV. [4.69] County and City Ordinances

XVI. [4.70] Fiduciary Liability of Mortgage Broker

XVII. [4.71] Equitable Defenses in Mortgage Foreclosures

XVIII. [4.72] Unconscionability

XIX. [4.73] Federal Preemption

Chapter 5 — Liability of Assignees and Holders

Chapter 6 — Sample Forms

Authors

Daniel A. Edelman
Daniel A. Edelman
Daniel A. Edelman is Principal of the firm Edelman Combs Latturner & Goodwin, LLC. Since the end of 1985, he has been in private practice in downtown Chicago. Virtually all of his practice involves litigation on behalf of consumers, including individual and class actions under the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, the Telephone Consumer Protection Act, the Real Estate Settlement Procedures Act, and the Truth in Lending Act and debt collection defense. Mr. Edelman argued for the consumer in Heintz v. Jenkins, 514 U.S. 291, 131 L.Ed.2d 395, 115 S.Ct. 1489 (1995), establishing FDCPA coverage of attorneys. Mr. Edelman is the author or coauthor of numerous books and publications on class actions and consumer protection law, including CONSUMER CLASS ACTION MANUAL (NCLC, 2d – 5th editions) (coauthor) and chapters in OHIO CONSUMER LAW and IICLE^®’s REAL ESTATE LITIGATION (2021) and CAUSES OF ACTION: CONSUMER ACTIONS (2020), as well as articles for the Loyola Consumer Law Reporter and the Chicago Bar Association. He received his J.D. from the University of Chicago Law School.
Tara L. Goodwin
Tara L. Goodwin
Tara L. Goodwin is a Member of Edelman Combs Latturner & Goodwin, LLC, in Chicago, and concentrates her practice in consumer law and litigation. Ms. Goodwin is a member of the Chicago Bar Association and the National Association of Consumer Advocates. She received her J.D. with high honors and Order of the Coif from Chicago-Kent College of Law and her B.A. with honors from the University of Chicago.

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Predatory Mortgage Lending and Servicing 2022 Edition

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