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Can Banks be Liable for Processing or Underwriting a Loan that a Borrower Cannot Afford?

Jimerson Firm

MARCH 10, 2021

Oftentimes, individuals or businesses borrow money from a bank or lender, and unfortunately, are unable to pay the loan payments. In this event, the borrower may try to shift the blame of their inability to pay on the bank or lender, by filing a claim for negligent loan processing or underwriting, and/or breach of fiduciary duty.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

MAY 9, 2023

On May 2, the Federal Housing Administration published Mortgagee Letter 2023-09 to implement provisions of the Adjustable-Rate Mortgages (ARM): Transitioning from LIBOR to Alternative Indices final rule. For more information about the White House’s blog post, click here. Most consumers are expected to receive between $29 and $30.

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