John D. Socknat

John D. Socknat

Ballard Spahr LLP


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CFPB issues guidance on Uniform State Test for mortgage loan originators

The CFPB has issued guidance that provides states may use the Uniform State Test (UST) developed by the Nationwide Mortgage Licensing System and Registry (NMLSR) to satisfy the testing requirement of the Secure and Fair...more

5/29/2013 - CFPB Mortgage Loan Originators Mortgages NMLS SAFE

CFPB and Conference of State Bank Supervisors sign framework for coordinating supervision and enforcement

The CFPB announced earlier this week that it has established a “framework” with the Conference of State Bank Supervisors (CSBS) for coordination among the CFPB and state regulators on supervision and enforcement matters....more

5/23/2013 - CFPB CSBS Enforcement Memorandum of Understanding Supervision

CFPB Proposes Changes to Ability-To-Repay, Servicing Rules

In keeping with its promise to provide further guidance to the industry on the recent mortgage loan rules, the Consumer Financial Protection Bureau recently proposed clarifications and changes to the...more

4/26/2013 - Ability-to-Repay CFPB Mortgage Servicing Rules Mortgages Qualified Mortgage Rule

Ballard Spahr Obtains Win for Servicers Holding Notes

The Maryland Court of Appeals has ruled in Deutsche Bank National Trust Co., Trustee v. Brock that a servicer possessing an original promissory note endorsed in blank — the most common type of endorsement for thousands of...more

4/12/2013 - Deutsche Bank Foreclosure Loan Servicer Mortgage-Backed Securities Mortgages

Mortgage Banking Update - March 21, 2013

In This Issue: - Uniform State Test Implementation Nearing - Mortgage Servicer's Alleged Failure To Be Licensed Subjects Company to Claims under State and Federal Debt Collection Statutes - Sixth Circuit...more

3/21/2013 - Amount in Controversy CAFA Class Action Data Protection Debt Collection FDCPA Foreclosure FTC HOA Licenses Liens Mobile Payments Mortgages Privity of Contract Res Judicata Robo-Signing SCOTUS Uniform State Test

Mortgage Banking Update - March 08, 2013

In This Issue: - Kentucky County Clerks Cannot Sue MERS for Failure To Record Mortgage Assignments, Sixth Circuit Rules - Bipartisan Policy Center Proposes New Directions for National Housing Policy - FTC...more

3/8/2013 - Assignments Class Action MERS Mortgages Recording Requirements

Mortgage Banking Update - February 21, 2013

In This Issue: - MERS Has Power To Assign Interest in Deed of Trust, Borrower Can Challenge Assignment of Mortgage, First Circuit Rules - Federal Judge Refuses To Dismiss Arizona Mortgage Class Action Alleging...more

2/21/2013 - CFPB Class Action Debt Collectors Deed of Trust Disclosure Requirements DOJ Fair Lending Fraud Information Sharing Interest Rates Licenses MERS Mortgage Loan Originators

Borrower Can Sue After Three Years to Rescind Mortgage Loan, 3rd Circuit Rules

A borrower can bring a lawsuit seeking rescission more than three years after loan consummation as long as the borrower has sent a written notice of rescission within the three-year period, the U.S. Court of Appeals for the...more

2/7/2013 - Borrowers Loans Mortgages Rescission Statute of Limitations TILA Written Notice

Mortgage Banking Update - Febuary 06, 2013

In This Issue: - Settlement of Michigan Lending Discrimination Lawsuit Underscores Regulatory Focus on Equal Access to Credit - Industry Employers Should Prepare Now for Health Care Reform - Title Insurers Not...more

2/6/2013 - Affordable Care Act Agents Canning v NLRB CFPB Community State Bank Discrimination DOJ Employer Group Health Plans Equal Access to Credit Equal Credit Opportunity Act FFIEC Healthcare Insurance Agents Negligence NLRB Pay or Play Race Discrimination Recess Appointments Richard Cordray Social Media Title Examination Title Insurance Underwriting

CFPB Issues Final ECOA Appraisal Rule

The Consumer Financial Protection Bureau has issued a final rule to implement Dodd-Frank amendments to the Equal Credit Opportunity Act that require creditors to provide to a first lien mortgage applicant a copy of all...more

1/25/2013 - Appraisal CFPB Dodd-Frank Equal Credit Opportunity Act Liens Mortgages Valuation

Mortgage Banking Update - January 25, 2013

In This Issues: - CFPB Generates Flurry of New Mortgage Banking Industry Rules - CFPB Issues Final ECOA Appraisal Rule - 20 State Agencies Adopt Uniform State MLO Testing - Mortgage Foreclosure Is Debt...more

1/25/2013 - Appraisal CAFA CFPB Class Action Debt Collectors FDCPA Foreclosure Licenses Mortgages Removal

CFPB Issues Final Rule on Loan Originator Compensation Requirements

The CFPB has issued a final rule to incorporate Dodd-Frank requirements into the existing Regulation Z loan originator compensation rule that applies to mortgage loans....more

1/23/2013 - Arbitration CFPB Compensation & Benefits Dodd-Frank Mandatory Arbitration Clauses Mortgage Loan Originators Mortgages

Agencies Adopt Final Appraisal Rule for Higher-Priced Mortgage Loans

Today, the federal financial institution agencies (the FDIC, Fed, OCC, and NCUA), the CFPB, and the Federal Housing Finance Agency adopted a joint final rule to implement Dodd-Frank appraisal requirements for higher-priced...more

1/21/2013 - CFPB Dodd-Frank FDIC Federal Reserve Higher-Priced Mortgage Loans Mortgages NCUA OCC TILA

CFPB Issues Final Mortgage Servicing Rules

The CFPB today issued its final rules implementing provisions of the Dodd-Frank Act that relate to mortgage servicing, which will take effect on January 10, 2014....more

1/18/2013 - CFPB Dodd-Frank Foreclosure Mortgages Servicing Policies

High-Cost Loan Final Rule Temporarily Averts FHA Loan Crisis

On January 10, 2013, the CFPB issued a final high-cost loan rule under Dodd-Frank that includes a modified version of a proposal that will temporarily avoid a crisis with FHA loans....more

1/14/2013 - CFPB Dodd-Frank FHA HOEPA Mortgages TILA

CFPB Final Ability-To-Repay Rule Prompts Cautious Optimism from Industry

The CFPB has issued its long-awaited ability to repay/qualified mortgage rule, and at first glance, it appears to warrant cautious optimism for the mortgage industry....more

1/14/2013 - Ability-to-Repay Borrowers CFPB Dodd-Frank Loans Mortgages Qualified Mortgage Rule Refinancing Underwriting

CFPB Adopts Mortgage Escrow Account Final Rule

Among other final rules published on January 10, 2013, the CFPB issued its final mortgage escrow account rule under a section of the Dodd-Frank Act relating to the establishment of mandatory escrow accounts on higher-priced...more

1/14/2013 - CFPB Dodd-Frank Mortgage Escrow Account Mortgages

Mortgage Banking Update - January 10, 2013

In This Issue: - Ohio Enacts the Nation's First Transitional MLO Licensing Law for Out-of-State MLOs - Noted Data Security and Privacy Attorney Amy Mushahwar Joins Ballard Spahr - Information Security...more

1/10/2013 - ADA Data Protection Debt Debt Collectors Investment Firms Mortgage Loan Originators Mortgages

CFPB describes plans for coordinating with state regulators

Last week, the CFPB issued a Statement of Intent that describes its plans for sharing information about nonbanks with state banking and financial service regulators (“State Regulators”) and coordinating supervisory and...more

12/11/2012 - CFPB CSBS

Mortgage Banking Update - November 30, 2012

In This Issue: - CFPB and FTC Announce Joint Action Against Mortgage Advertisers - Temporary Exemptions Adopted for Mortgage Disclosures - Fourth Circuit Rejects FDCPA Challenge to Prerecorded Calls Seeking...more

11/30/2012 - CFPB FDCPA FTC Mortgages

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