Marc Patterson

Marc Patterson

Ballard Spahr LLP

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CFPB Proposes Changes to TILA-RESPA Integrated Disclosures Rule

The CFPB has issued two proposed changes to the TILA-RESPA Integrated Disclosures Rule (Final Rule) that will be effective for applications received on or after August 1, 2015: (1) an adjustment to the timing requirement for...more

10/15/2014 - CFPB Compliance Disclosure Requirements Mortgages RESPA TILA

CFPB Updates Mortgage Rules Readiness Guide to Cover TILA-RESPA Integrated Mortgage Disclosure Rule

The CFPB has released Version 3.0 of its “2014 CFPB Dodd-Frank Mortgage Rules Readiness Guide.” The Guide, originally issued in July 2013, now contains changes to the final rules issued through August 1, 2014. The updated...more

10/10/2014 - CFPB Dodd-Frank Final Rules Mortgages RESPA TILA

CFPB Provides Guidance on the New Loan Estimate

On October 1, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar that addressed questions about the Final TILA-RESPA Integrated Disclosure Rule that will be effective for applications received by creditors or...more

10/8/2014 - CFPB Closing Documents Creditors Disclosure Requirements Federal Reserve Mortgage Brokers Mortgages RESPA TILA Webinar

Vermont Updates Mortgage Broker Rules

The Vermont Department of Financial Regulation has adopted regulations that update the rules for the licensing and regulation of mortgage brokers. The regulation sets forth standards on...more

9/30/2014 - Lenders Licensing Rules Mortgage Brokers Mortgage Loan Originators New Regulations Secured Lenders

Industry trade groups provide recommendations to CFPB on TILA-RESPA implementation

Sixteen industry trade groups, including the American Bankers Association, the Mortgage Bankers Association, and Financial Services Roundtable, have sent a letter to Director Cordray in which they requested that the CFPB...more

9/25/2014 - American Bankers Association Banks CFPB Mortgages RESPA Richard Cordray TILA

VA Announces Upcoming Changes to ARM Disclosure Regulations

On September 5, 2014, the Department of Veterans Affairs (VA) announced in Circular 26-14-25 that it intends to clarify its interest-rate adjustment, disclosure, and notice requirements for ARM and hybrid ARM mortgage loans...more

9/18/2014 - Adjustable-Rate Mortgage CFPB Department of Veterans Affairs Disclosure Requirements Government-Guaranteed Loans Interest Rates Mortgage Servicing Rules Mortgages TILA

HUD Issues Final Rule Eliminating ‘Post Payment’ Interest Charges, Preventing FHA Loans from Being Prohibited Next Year

On August 26, 2014, the U.S. Department of Housing and Urban Development (HUD) issued a final rule to allow FHA-approved lenders to charge an FHA loan borrower interest only through the date the loan is prepaid. The final...more

9/17/2014 - Ability-to-Repay CFPB FHA Final Rules HUD Interest Payments Prepayment Penalties

HUD Issues Final Rule Regarding ARM Disclosures

On August 26, 2014, the U.S. Department of Housing and Urban Development (HUD) issued a final rule to align HUD rules governing FHA-insured adjustable mortgage rates (ARMs) with the recent CFPB rules regarding ARM interest...more

9/16/2014 - Adjustable-Rate Mortgage FHA HUD Mortgages

CFPB issues updated guides on the TILA-RESPA Integrated Disclosure Rule

The CFPB has released its updated Small Entity Compliance Guide for the TILA-RESPA Integrated Disclosure Rule and Guide to the Loan Estimate and Closing Disclosure. These resources replace the editions that were published in...more

9/10/2014 - CFPB Disclosure Requirements Federal Reserve RESPA TILA

California Creates Exemption from Finance Lenders Law for Certain Nonprofits

The state of California amended its Finance Lenders Law in an effort to help individuals obtain access to affordable, credit-building small dollar loans. The new law makes exempt from Finance Lenders Law a nonprofit...more

9/4/2014 - Amended Legislation Banking Sector Finance Lenders Lenders Loans Non-Profits Nonbank Firms

CFPB Answers FAQ on the TILA-RESPA Integrated Disclosures Rule

On August 26, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar and addressed questions about the final TILA-RESPA Integrated Disclosures Rule that will be effective for applications received by creditors or...more

8/29/2014 - CFPB Creditors Disclosure Requirements Final Rules Mortgage Brokers RESPA TILA

California Amends Education Requirements for Mortgage Loan Originators

California recently amended its pre-licensing and continuing education requirements for mortgage loan originators (MLOs) licensed under the California Finance Lenders Law and the California Residential Lending Act. The...more

8/18/2014 - Licensing Rules Mortgage Loan Originators Mortgages NMLS

D.C. Passes NMLS Conformity Temporary Act of 2014

Recently, Washington, D.C., Mayor Vincent Gray signed the NMLS Conformity Temporary Act of 2014. The Act authorizes the Department of Insurance, Securities and Banking (DISB) the necessary statutory authority to use the NMLS...more

8/18/2014 - Banks Financial Regulatory Reform Mortgages NMLS

CFPB announces settlement with mortgage lender and its owner charged with “bait-and-switch” scheme

On August 12, the CFPB announced that it has issued a Consent Order under which Atlanta-based Amerisave Mortgage Corporation, its affiliate appraisal management company, Nova Appraisal Management Company, and a principal and...more

8/14/2014 - CFPB Mortgages Qualified Mortgage Rule RESPA

Several New States Adopt the National SAFE MLO Test with Uniform State Component

New York, Ohio, Oklahoma, and Connecticut are the latest states to announce that they will be adopting the National SAFE Mortgage Loan Originator (MLO) Test with Uniform State Content. The New York Department of Financial...more

8/7/2014 - Banking Sector Banks Financial Institutions Licenses Licensing Rules Mortgage Loan Originators Mortgages

The State Regulatory Registry Proposes Pre-Licensure Education Expiration Policy

The State Regulatory Registry LLC, through NMLS, recently published a proposal to create a uniform time frame for the expiration of pre-licensure education (PE) for state licensed Mortgage Loan Originators (MLO). The comment...more

8/4/2014 - Mortgage Loan Originators Mortgages NMLS SAFE Act

CFPB extends comment period on proposal to publicly disclose consumer complaint narratives

The CFPB is extending the comment period on its proposed policy statement that would expand the complaint data that it publicly discloses in its Consumer Complaint Database to include “unstructured” complaint narratives. In a...more

7/31/2014 - CFPB Consumer Complaint System Disclosure Public Disclosure

Hawaii Amends Mortgage Loan Origination Laws

Hawaii has amended and enacted provisions governing mortgage loan origination and licensed mortgage loan originator companies. Specifically, SB 2817, which was signed into law on July 3, 2014, makes numerous changes to the...more

7/21/2014 - Amended Legislation Mortgage Loan Originators Mortgages New Legislation

Louisiana Amends Consumer Loan Licensing Requirements

Louisiana Governor Bobby Jindal recently signed HB 766 into law, which amends numerous provisions regulating creditors engaging in any consumer credit or deferred presentment transaction. Under the law, a creditor may not...more

7/8/2014 - Creditors Licensing Rules Loans

Oklahoma To Require Classroom Instruction for MLO Continuing Education

The Oklahoma Department of Consumer Credit (OK-DOCC) has informed the NMLS that a mortgage loan originator (MLO) must satisfy the annual continuing education requirement in a classroom at least once every two years....more

6/24/2014 - MLO Licenses Mortgage Loan Originators Mortgages

CFPB Provides Guidance on the TILA-RESPA Integrated Disclosures Rule

On June 17, 2014, the CFPB staff and Federal Reserve co-hosted a webinar on the final TILA-RESPA Integrated Disclosures Rule that will be effective for applications received by creditors or mortgage brokers on or after August...more

6/20/2014 - Brokers CFPB Creditors Disclosure Requirements RESPA TILA

CFPB orders New Jersey title services company to pay for illegal mortgage referrals

On June 12, the CFPB announced that it has issued a Consent Order under which a New Jersey title services company, Stonebridge Title Services Inc., agreed to pay a $30,000 civil money penalty for paying illegal kickbacks for...more

6/17/2014 - CFPB Civil Monetary Penalty Consent Order Kickbacks Popular RESPA Title Companies

Maryland Expedites Licensing Process for Registered MLOs

Maryland Governor Martin O’Malley recently signed legislation that will expedite mortgage loan originator (MLO) licensing for registered MLOs. SB 1091 requires the Commissioner of Financial Regulation to waive the state...more

6/13/2014 - Criminal Background Checks Licensing Rules MLO Licenses New Legislation

Agencies Issue Statement on Increased Maximum Flood Insurance Coverage for Other Residential Buildings

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Farm Credit Administration, the National Credit Union Administration, and the Federal Deposit Insurance Corporation...more

6/12/2014 - Farm Credit Administration FDIC Federal Reserve Flood Insurance GAO National Flood Insurance Program NCUA OCC Popular

New York Set To Adopt Uniform State Test and Transitional MLO Licensing Initiative

The New York Department of Financial Services (DFS) has announced significant changes to its state mortgage loan originator (MLO) licensing process in an attempt to shorten and improve the approval process. The changes...more

6/9/2014 - Licensing Rules MLO Licenses Proposed Regulation

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