John D. Socknat

John D. Socknat

Ballard Spahr LLP

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Treasury Releases White Paper on Online Marketplace Lending

The U.S. Treasury Department has released a white paper addressing the online marketplace lending industry. Based in part on the responses to Treasury's July 2015 Request for Information (RFI), the white paper offers a broad...more

5/16/2016 - Community Development Entities Consumer Lenders Financial Sector Financial Services Industry Loans Online Marketplace Lending Peer-to-Peer Request For Information Small Business Transparency U.S. Treasury White Paper

Fla. Appellate Court Reverses Itself In Key Foreclosure Victory For Mortgage Industry

The Florida Third District Court of Appeal (DCA), sitting en banc, reversed itself this week and held that the five-year statute of limitations did not bar a second foreclosure suit filed on a subsequent payment default so...more

4/15/2016 - Default Deutsche Bank Dismissal With Prejudice En Banc Review Florida Foreclosure Mortgage Lenders Mortgages Reversal Statute of Limitations

California Releases Marketplace Lending Data

The California Department of Business Oversight (DBO) has issued a summary report of aggregate data provided by the companies that responded to the DBO's online survey sent to 14 marketplace lenders engaged in online consumer...more

4/14/2016 - CFPB Consumer Complaint System Consumer Financial Products Consumer Lenders Department of Business Oversight Financial Sector Online Marketplace Lending Popular Small Business Special Assessments

Borrower Has Standing To Challenge Foreclosure Sale Based on Late Assignment of Deed of Trust, Calif. Supreme Court Rules; Many...

The California Supreme Court has unanimously ruled in Yvanova v. New Century Mortgage Corp. that a homeowner has standing to bring a wrongful foreclosure action after a completed nonjudicial foreclosure sale on the grounds...more

2/25/2016 - Assignments Deed of Trust Mortgage Lenders Standing Void and Unenforceable Wrongful Foreclosures

FDIC Highlights Marketplace Lending Risks for Bank Partners

The Federal Deposit Insurance Corporation's (FDIC) publication of an article highlighting the risks for banks that partner with marketplace lenders further underscores the focus of federal regulators on marketplace lending....more

2/10/2016 - Anti-Money Laundering Banks Due Diligence FDIC Financial Services Industry Online Marketplace Lending Popular Risk Management

Maryland Licensing Threat to Bank Partner Model to be Reviewed by Court of Appeals

The Maryland Court of Appeals, the state’s highest appellate court, last week agreed to review an October 2015 Maryland Court of Special Appeals (MCSA) decision that illustrated how the bank partner structure used by many...more

12/23/2015 - Appeals Banking Sector CashCall Debt Collection Online Marketplace Lending

California Launches Marketplace Lending, Merchant Cash Advance Inquiry

The recent announcement by the California Department of Business Oversight (DBO) that it has launched an inquiry into the marketplace lending industry represents an important development that could presage increased industry...more

12/22/2015 - Consumer Lenders Department of Business Oversight Online Marketplace Lending Regulatory Agenda Small Business

Pennsylvania County Recorder Cannot Sue MERS for Failure to Record Mortgage Assignments, Third Circuit Rules in Overturning...

The U.S. Court of Appeals for the Third Circuit has ruled that Pennsylvania’s recording statute does not require the recording of all conveyances. As a result, the Third Circuit reversed the district court’s refusal to enter...more

8/7/2015 - Banking Sector Banks Class Action Declaratory Judgments Deeds Financial Institutions Lenders MERS Mortgage Lenders Mortgages Recording Fees

Final Diversity and Inclusion Standards Issued Jointly by Six Federal Agencies

Pursuant to a mandate contained in Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank or Act), six federal agencies jointly issued new Diversity and Inclusion (D&I) Standards today. These...more

6/11/2015 - Diversity Diversity and Inclusion Standards (D&I) Dodd-Frank Employer Mandates Hiring & Firing OMWI Regulatory Standards

CFPB issues reverse mortgage focus group report and consumer advisory

The CFPB has issued a report that discusses the results of a focus group study it conducted on reverse mortgage advertisements and a consumer advisory about such advertisements. The report is entitled “A close look at reverse...more

6/5/2015 - Advertising CFPB Mortgage Lenders Popular Reverse Mortgages Warning Letters

The CFPB Announces Final Diversity Standards under Dodd-Frank Section 342 Are Completed

On April 29, 2015, the Office of Minority and Women Inclusion (OMWI) of the Consumer Financial Protection Bureau (CFPB or Bureau) released its third Annual Report for 2014, as mandated by Section 342(e) of the Dodd-Frank Act...more

5/6/2015 - CFPB Diversity Dodd-Frank Federal Contractors OMWI

CFPB Finalizes Amendments To TILA/RESPA Integrated Disclosures Rule and Loan Originator Rule

The Consumer Financial Protection Bureau recently promulgated its first final rule of 2015, a series of minor amendments to the TILA/RESPA integrated disclosures (TRID) rule. The substantive changes to the TRID rule are an...more

2/6/2015

CFPB Issues First Enforcement Action for Servicing Rules Violations

The Consumer Financial Protection Bureau recently announced a consent order with Flagstar Bank, F.S.B., alleging unfair acts and practices under the Consumer Financial Protection Act (CFPA) and violations of the CFPB's...more

10/3/2014 - Banks CFPB Civil Monetary Penalty Consent Order Enforcement Actions Loan Modifications Mortgage Loan Servicing Standards UDAAP Unfair or Deceptive Trade Practices

Fourth Circuit Limits Liability under Maryland Finder’s Fee Act

In two recent opinions, the U.S. Court of Appeals for the Fourth Circuit substantially limited the potential scope of liability under the Maryland Finder’s Fee Act. Applying the plain language of the statute, the Fourth...more

7/30/2014 - Brokers Finder's Fees Mortgages

Federal Court: California Finance Lenders Law Does Not Prohibit a Licensee from Selling Loans to Non-Institutional Investors

The U.S. District Court for the Northern District of California has held that Section 22340(a) of the California Financial Code does not restrict licensed finance lenders to selling loans secured by real estate to only...more

3/14/2014 - Debt Buyers Lenders

CFPB Releases Final RESPA-TILA Integrated Disclosures Rule

On November 20, the Consumer Financial Protection Bureau released the nearly 1,900-page final RESPA-TILA Integrated Disclosures Rule. The rule will be effective for applications received on or after August 1, 2015. The...more

11/26/2013 - CFPB Mortgages RESPA Truth in Lending Act (TILA)

CFPB Proposes Final Interim Mortgage Servicing Rule

In keeping with its promise to provide further guidance to the industry on the mortgage loan rules that go into effect in January, the Consumer Financial Protection Bureau (CFPB) recently issued a press release, bulletin, and...more

10/17/2013 - CFPB FDCPA Mortgage Servicers Mortgages

CFPB supervisory report highlights deficiencies in mortgage servicing, compliance management systems and fair lending compliance

Although its new mortgage servicing rules are not effective until January 10, 2014, the CFPB seems to already be using those rules as guideposts in its examinations of servicers....more

8/23/2013 - CFPB Compliance Fair Lending Mortgage Loan Servicing Standards

CFPB rules: Enforcement may be heating up as the industry awaits formal guidance

The American Association of Residential Mortgage Regulators (AARMR), the trade association for regulators responsible for supervising non-depository mortgage companies, held its annual conference last week in Denver....more

8/16/2013 - CFPB Compliance Enforcement Mortgages Supervision

CFPB Proposes Changes to Points and Fees, Loan Originator Compensation Provisions

As we reported in CFPB Monitor, the Consumer Financial Protection Bureau proposed changes earlier this week to the mortgage rules adopted in January 2013. Comments on the proposal are due July 22, 2013....more

6/29/2013 - CFPB Loan Originator Compensation Rule Loan Servicing Mortgage Loan Originators Mortgage Servicing Rules Mortgages

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

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