Where there is a “branch office” within 200 miles of the borrower’s home, federal regulations require a bank to conduct a face-to-face meeting before initiating foreclosure proceedings. However, that obligation is only triggered where the “branch office” conducts some business ...Read More »
Banks & Banking – Mortgage Foreclosure – Attorney Preference Statute – Ascertaining Borrower Preference – Telephonic Application System
The use of a telephonic application system to ascertain a mortgage borrower’s preference for counsel, later confirmed in writing, satisfied a lender’s obligation under the Attorney Preference Statute. We reverse the grant of defendant’s motion for partial summary judgment on ...Read More »
Banks & Banking – Receivership – FDIC – Civil Practice – Borrowers’ Defenses – Subject Matter Jurisdiction
Palmetto State Bank v. Riley (Lawyers Weekly No. 002-146-17, 9 pp.) (J. Michelle Childs, J.) 1:16-cv-03842; D.S.C. Holding: Even though defendants have amended their answer so that, instead of asserting counterclaims, they are now asserting defenses based on the actions ...
Tagged with: Civil PracticeRead More »
Banks & Banking — Unfair Trade Practices – Regulated Industry Exemption – Consumer Protection Code – Real Property
Cantrell v. New Penn Financial, LLC (Lawyers Weekly No. 002-167-17, 10 pp.) (Mary Geiger Lewis, J.) 7:17-cv-01078; D.S.C. Holding: Although the South Carolina Supreme Court has recognized that financial institutions are subject to a robust regulatory regime, it has not ...Read More »
Mangum v. First Reliance Bank (Lawyers Weekly No. 002-093-17, 13 pp.) (R. Bryan Harwell, J.) 4:16-cv-02214; D.S.C. Holding: Even if, during a loan mitigation procedure, a loan servicer repeatedly asked plaintiff for documents she had already provided, since plaintiff had ...
Tagged with: MortgagesRead More »
Perkins v. South Carolina Community Bank (Lawyers Weekly No. 002-027-17, 7 pp.) (Terry Wooten, C.J.) 3:14-cv-03245; D.S.C. Holding: The complaint does not allege that the defendant-bank received notice of a credit report dispute from a credit reporting agency (CRA). Without ...
Tagged with: FCRARead More »
FDIC v. Rippy (Lawyers Weekly No. 001-149-15, 30 pp.) (Gregory, J.) No. 14-2078, Aug. 18, 2015; USDC at Wilmington, N.C. (Boyle, J.) 4th Cir. Holding: In this suit alleging that plaintiff Federal Deposit Insurance Corporation, as receiver, suffered $216 million ...
Tagged with: NegligenceRead More »