First Financial Services, Inc. Class Action Lawsuit Investigation

The law offices of Khorrami Boucher Sumner Sanguinetti, LLP are conducting an ongoing investigation into the business practices of First Financial Services, Inc. on suspicion that it violated various federal regulations. First Financial is a direct –to-consumer home mortgage lender that offers low interest mortgage loans through its website and online marketplaces like www.zillow.com.

The Truth in Lending Act requires that loan applicants are provided a Truth in Lending disclosure statement setting forth the material terms of a loan before they are assessed any fees other than an initial credit application fee.

The Real-Estate Settlement Procedures Act requires that loan applicants are provided a Good Faith Estimate setting forth the material terms of a loan before they are assessed any fees other than initial application fee.

The Equal Credit Opportunity Act requires creditor to notify applicants within 30 days after receiving a completed application concerning the creditor’s approval of, counteroffer to, or adverse action on the application. If a creditor receives an incomplete application that an applicant can complete, then the creditor is required to notify the applicant within 30 days of either any adverse action taken on the incomplete application, or alternatively, that the application is incomplete and specifying the additional information needed to complete the application.

In addition, some consumers that have applied for loans from First Financial have complained that they were told that their loan terms would be ‘locked in’ during the loan application process for a long enough time to close the loan, only to experience extended delays in processing the loan and an expiration of any ‘locked in’ terms, such that they were required to pay additional charges or a higher interest rate in order to close the loan.

If you applied for a loan from First Financial Services, Inc. and believe you may have not received any of the required notices above, or did not receive the benefit of your ‘locked in’ terms, then please contact an attorney from the law offices of Khorrami Boucher, LLP for a confidential consultation.