Mortgage/ Securitization forensic auditors especially, may want to pay close attention to this case.
The U.S. Supreme Court agreed Tuesday to clarify the circumstances in which home buyers can sue mortgage lenders for allegedly charging them unearned fees during the closing process.
The case centers on a group of lawsuits from Louisiana in which borrowers alleged Detroit-based Quicken Loans Inc. charged them loan-discount fees but did not provide reduced interest rates in return.
Quicken Loans said the fees were legal and denied allegations that the fees were unearned.
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