A-B-C. A-Always, B-Be, C-Closing. Always be closing, always be closing.
Blake, Glengarry, Glen Ross.
In David Mamet’s masterpiece, Glengarry, Glen Ross, a group of sad sack real estate salesmen are forced into a myopic focus on closing the deal by their overbearing, egomaniacal leader, Blake. Now that the the Fourth Circuit Court of Appeals has ruled that borrowers who elect not to go through with their loans before closing are not entitled to recission under the Truth in Lending Act (“TILA”), however, buyers may be the ones who need to focus on closing, at least those who might want to seek certain remedies under TILA.
In Weintraub v. Quicken Loans, Inc., the Weintraubs applied for a 30- year, fixed rate loan from Quicken Loans to refinance their townhouse. Quicken Loans provided the Weintraubs with a “Good Faith Estimate” and an “Interest Rate Disclosure (Not Locked) and Deposit Agreement.” The latter document disclosed that the interest rate was not locked and that the Weintraubs were required to pay a $500 deposit to Quicken Loans for out-of-pocket expenses. Mr. Weintraub signed the documents and paid the $500 deposit. Quicken Loans subsequently conditionally approved the loan, subject to a satisfactory home appraisal.