First Mortg. Co. of Pa. v. Carter

WIEAND, Judge:

After a loan transaction has been completed and the borrowers’ corporate nominee has thereafter made a total of twenty-one monthly repayments of principal and interest, can the borrowers defend an action in assumpsit for the defaulted, unpaid balance by contending that the lender failed at settlement to make certain disclosures in the manner required by the loan agreement? We conclude that where, as here, the borrowers have failed to show any damage as a result of the lender’s technical and insignificant omissions, they cannot avoid liability by rescinding the transaction. A…