Fourth circuit vacates summary judgment in West Virginia mortgage prepayment dispute

On February 23, the U.S. Court of Appeals for the 4th Circuit vacated a district court’s grant of summary judgment to a mortgage loan servicer and remanded a putative class action brought under §§ 46A‑2‑127(d) and 128 of the West Virginia Consumer Credit and Protection Act (WVCCPA) for further proceedings. The case stemmed from allegations that the servicer failed to apply voluntary principal prepayments before monthly mortgage payments, as required by the parties’ promissory note, an act the... By: Orrick, Herrington & Sutcliffe LLP