Mortgage Lending: 8.11.2 TILA Remedies
Violating TILA’s rules for disclosing finance charges and the limits on originator compensation can lead to an award of actual and statutory damages, attorney fees, and costs. In some circumstances borrowers may also have the right to rescind their mortgage. The availability of TILA remedies varies by type of loan, and the use of rescission, in particular, can be complex. TILA’s remedies are discussed in greater detail in NCLC’s Truth in Lending.693