A new ruling from the Supreme Court will make it even more important for credit unions to provide thorough Truth in Lending disclosures as part of their mortgage closing process.
In Jesonoski v. Countrywide Home Loans, the court unanimously agreed with homeowners Larry and Cheryle Jesonoski that U.S. law only required they notify Bank of America in writing within three years of closing that they were rescinding their mortgage because of disclosure problems.
The law did not, as Bank of America argued, require the homeowners to have sued within three years to rescind, the court said.
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