Estell Davis v. Wells Fargo Bank, N.A., Trustee

MEMORANDUM

Estell Davis appeals the district court’s grant of summary judgment in favor of Wells Fargo Bank, N.A., and GMAC Mortgage, LLC (hereafter Assignees). We affirm.

Davis asserts that the district court incorrectly ruled that BankUnited FSB made the disclosures required by the Truth in Lending Act (“TILA”) when she obtained a loan secured by her home. She also asserts that under the circumstances, the Assignees can be held liable. We disagree with her first claim and, as a result, need not and do not reach the second claim.

TILA requires that “lenders disclose certain information to borrowers,” and that they do so completely, accurately, and clearly. BankUnited met those requirements. Specifically:

(1) The interest rate on the note given by Davis was set forth, as was the percentage that would be used to calculate the initial monthly payment. Moreover, as required by TILA, the finance charge, which includes the interest on the note, was expressed as an annual percentage rate (APR).

(2) There was no failure to disclose any discounted interest rate, and Davis’ argument to the contrary appears to confuse the rate used to calculate her monthly payments with the interest…