An opinion issued by the nation’s highest court in a case involving a defaulted car loan could impact the interpretation of the Real Estate Settlement Procedures Act.
The lawsuit was originally filed against Santander Consumer USA Inc. The plaintiff alleged that the lender was subject to the Fair Debt Collection Practices Act.
Santander was not the original lender. Instead, it acquired the automobile loan from CitiFinancial Inc. after the borrower defaulted on the loan.
Source: Mortgage Daily