Consumer complaint received 2024-12-11
Product: Mortgage — FHA mortgage
Issue: Closing on a mortgage — Closing disclosure or other related disclosures
Company: M&T BANK CORPORATION (IL)

I am writing in response and requesting a NEW INVESTIGATION into the deception that was submitted that was submitted to the CFPB Complaint # XXXX, the letter dated XX/XX/XXXX, regarding M & T Banks failure to acknowledge and honor my timely filed rescission request, which was sent to them on XX/XX/XXXX, concerning my mortgage account # XXXX for the property located at XXXX XXXX XXXX XXXX XXXX XXXX XXXX IL XXXX. 

M & T Banks failure to recognize and act upon the letter of rescission is not only a violation of federal law but also a direct contradiction to the clear and unequivocal guidelines set forth by the United States Supreme Court. Specifically, in the case Jesinoski v. Countrywide Home Loans , Inc., 135 S. Ct. 790 ( 2015 ), the Court held that a borrowers rescission of a mortgage loan under the Truth in Lending Act ( TILA ) is effective once the rescission notice is mailed to the lender or servicer. The Court ruled that the borrower is not required to provide any further explanation or justification for the rescission, and the rescission becomes effective immediately upon mailing. 

M & T Bank has disregarded this law by failing to acknowledge that my rescission notice was properly mailed on XX/XX/XXXX, in accordance with 15 U.S.C. 1635 and the Supreme Court 's ruling in Jesinoski. As the law clearly states, rescission is automatic and effective upon mailing, and M & T Banks continued failure to comply with my lawful request constitutes a violation of both federal law and the protections afforded to borrowers under TILA.

Additionally, the Illinois state laws also support my position. Under 815 ILCS 505/2, the Illinois Consumer Fraud and Deceptive Business Practices Act, consumers are protected from unfair business practices, including a failure to honor a legally binding rescission. Furthermore, under Illinois case law, including Williams v. Ameribank, 330 Ill. App. 3d 537 ( 2002 ), Illinois courts have affirmed that once a rescission notice is mailed in accordance with TILA, it is valid and enforceable without the lender 's further consent. 

I am deeply concerned by M & T Banks refusal to comply with this legal obligation. The failure to recognize my timely and lawful rescission is causing me significant distress and potentially exposing me to continued financial harm. The law is clear : my rescission is effective immediately, and I request that the CFPB take immediate action to ensure that M & T Bank adheres to the legal requirements of rescission under both federal and Illinois state law.

I respectfully request that the CFPB require M & T Bank to : Acknowledge and honor my rescission notice. 
Provide written confirmation that the rescission has been processed and that the loan has been terminated. 
Reverse any fees or charges related to this mortgage account that have been applied since the date of the rescission. 
Thank you for your attention to this urgent matter. I look forward to your prompt response and intervention to enforce my rights under the law.