Consumer Finance

The Consumer Finance Practice was formed to counsel and represent retailers, fleet lenders, non-traditional lenders, financial institutions and credit card companies on all aspects of their consumer lending businesses. The group is comprised of attorneys who specialize in various areas of the law, including regulatory compliance, licensing, creditors' rights, foreclosure and consumer litigation. Our attorneys have particular experience in the representation of mortgage lenders and mortgage brokers.

Regulatory Compliance 
Section members regularly represent financial institutions and mortgage lenders and help them comply with Federal Consumer Credit Protection statutes and related regulations, such as the Truth-in-Lending Act, Real Estate Settlement Procedures Act, Equal Credit Opportunity Act, Home Mortgage Disclosure Act, Community Reinvestment Act, Fair Credit Reporting Act, etc. Attorneys provide advice on state statutes and regulations dealing with loans to consumers and the licensing or regulation of lenders and servicers.

Securitizations 
Section members represent issuers and underwriters in structured financings and asset securitizations, and the practice includes all aspects of traditional mortgage securitizations. Issuers, placement agents, originators, servicers, trustees and investors seek the advice of Williams Mullen in connection with commercial and residential real estate securitizations.

Document Design and Review 
Attorneys assist with new product design, as well as implement and prepare documentation, disclosures and procedures for various types of consumer products, including mortgage and manufactured-housing loan products. We also assist with open-end and closed-end secured and unsecured credit programs.

Creditors’ Rights, Workouts and Bankruptcies 
Williams Mullen attorneys negotiate and restructure loans for lenders of all sizes and types. We handle recasting of debt, securing additional collateral, and provide assistance with standby agreements. We also represent lenders in informal debt restructures and nonbankruptcy reorganizations. 

The firm represents lenders in all types of bankruptcy proceedings, including challenges to discharge of debt, defense of trustee's claims to avoid liens such as preferences and fraudulent conveyances, recovery of assets, relief from stay, objections to plans, and motions to convert or dismiss.

Collection and Recovery
Williams Mullen conducts real estate foreclosure sales and represents mortgage lenders in securing possession of premises after foreclosure. Firm attorneys also obtain and collect judgment for deficiencies on debts following foreclosure.

Consumer Finance Litigation
Williams Mullen represents consumer lenders in Fair Housing Act claims and truth-in-lending claims for damages and rescissions. Section attorneys represent clients in litigation challenging various lending practices and procedures, including class actions and cases related to subprime loans. We also counsel lenders in employment matters, including discrimination claims, enforcement of covenants not to compete, and actions claiming breach of fiduciary duty. The firm is also experienced in alternative dispute resolution proceedings (mediation and arbitration).