Opinion ID: 1913349
Heading Depth: 3
Heading Rank: 2

Heading: Bruce

Text: 26. Lubach referred Mr. Lance W. Bruce and Ms. Maria A. Bruce (the Bruces) to the Respondent for assistance in closing a loan from Lubach. 27. On or about November 27, 2006, the Bruces signed closing documents prepared by the Respondent for a loan from Lubach, in the principal amount of $11,000 (the Bruce Loan). The note was secured by a mortgage on the Bruces' residential real property located in Wilmington, Delaware. The Respondent performed the closing for the Bruce Loan. 28. The Respondent's file includes a document entitled Statement of Representation and Disclosure/Lance W. Bruce and Maria A. Bruce, dated November 20, 2006. The substance of this document is identical to the Statement of Representation and Disclosure included in the Respondent's file for the November 2 and 15, 2005, Cross Loans, except that (1) it includes the amount of the Respondent's fee, to be collected from the loan proceeds; (2) it states that [i]n this case, you were referred to me by a private lender, Robert Lubach; and (3) it is signed by the Respondent. 29. The Respondent did not provide the November 20, 2006, Statement of Representation and Disclosure to the Bruces in advance of the November 27, 2006, closing. By way of explanation, the Respondent states that because settlement occurred within days of the referral, the Statement of Representation and Disclosure was provided to the Bruces at settlement. 30. The Respondent charged attorney's fees to the Bruces for legal services relating to the Bruce Loan, which he collected from the loan proceeds. 31. The Respondent prepared and/or finalized for closing a note for the Bruce Loan which included payment provisions ( i.e., pre-payment penalty and balloon payment) prohibited by federal law. [5] The Respondent does not contest that this note unintentionally violated federal law. 32. The lender failed to provide a right to rescind notice to the Bruces about their right to rescind the loan transaction within three days after the closing. [6] The Respondent failed to provide the Bruces with legal advice about their right to rescind.