Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

Dwoskin v. Bank of America, N.A.

United States Court of Appeals, Fourth Circuit

April 19, 2018

MATTHEW DWOSKIN; RANDI DWOSKIN; JENNIFER DECKER; TERESA BUTLER; LINDA CAMPBELL; LINDA CUADRA; ALFRED FIGLEY; KELLY DILLS; STEFANI DILLS; MICHAEL WALSH; JENNIFER WALSH; PHILLIP WERTHEIMER; JOANN WOODS; SHAWN WOODS; KERRIE ZIPPRICH, Plaintiffs - Appellants,
v.
BANK OF AMERICA, N.A. Defendant-Appellee. SEAN DECKER, Intervenor/Plaintiff - Appellant,

          Argued: March 21, 2018

          Appeal from the United States District Court for the District of Maryland, at Baltimore. Catherine C. Blake, District Judge. (1:11-cv-01109-CCB)

         ARGUED:

          James C. White, PARRY TYNDALL WHITE, Chapel Hill, North Carolina, for Appellants.

          Bradley R. Kutrow, MCGUIREWOODS LLP, Charlotte, North Carolina, for Appellee.

         ON BRIEF:

          Dhamian Blue, BLUE LLP, Raleigh, North Carolina; Richard D. Heideman, Noel J. Nudelman, Tracy Reichman Kalik, HEIDEMAN NUDELMAN & KALIK P.C., Washington, D.C.; Richard S. Wayne, STRAUSS & TROY, LPA, Cincinnati, Ohio; Leonard B. Simon, LAW OFFICES OF LEONARD B. SIMON, P.C., San Diego, California, for Appellants.

          Brian P. Troutman, Wm. Grayson Lambert, Charlotte, North Carolina, Brian D. Schmalzbach, MCGUIREWOODS LLP, Richmond, Virginia, for Appellee.

          Before WILKINSON, MOTZ, and KING, Circuit Judges.

          WILKINSON, CIRCUIT JUDGE.

         Plaintiffs brought suit against the defendant Bank of America under the Homeowners Protection Act. They claimed that the bank failed to make certain required disclosures in connection with their residential mortgage loans. The statute is clear, however, that these mortgage insurance disclosures are mandated only if lender-paid mortgage insurance is a condition of obtaining a loan. See 12 U.S.C. § 4905(c). Because no such conditions applied to the plaintiffs' loans, nondisclosure was not a Homeowners Protection Act violation.

         I.

         Each plaintiff in this case obtained a thirty-year, fixed-rate mortgage loan between June 2007 and December 2008 through Bank of America's "No Fee Mortgage Plus" program. The No Fee Mortgage Plus loans were advertised as charging no fees in connection with closing and requiring no private mortgage insurance.

         Shortly after launching this product nationwide in 2007, Bank of America began obtaining lender-paid mortgage insurance (LPMI) on certain pools of closed and funded No Fee Mortgage Plus loans. Bank of America explained that this decision was made to increase liquidity during the financial crisis that began to affect the housing market that year. That is, while Bank of America initially planned to keep the No Fee Mortgage Plus loans on its own books, purchasing LPMI gave it the option to sell the loans on the secondary market. LPMI was eventually purchased on a significant proportion of the No Fee Mortgage Plus loans, including on each of the ...


Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.