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Richard J. Andreano, Jr.

Richard J. Andreano, Jr.

Ballard Spahr LLP


Latest Publications

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CFPB settles RESPA enforcement action involving affiliated business arrangements

The CFPB has announced the settlement of an enforcement action in which it was alleged that two affiliated business arrangements (ABAs) violated Section 8 of the Real Estate Settlement Procedures Act....more

5/21/2013 - Affiliated-Business Arrangements CFPB HUD Mortgages RESPA Safe Harbors

CFPB finalizes mortgage escrow rule amendments and list of “rural” or “underserved counties” and issues videos on mortgage rules

The CFPB has issued final “clarifying and technical” amendments to its final mortgage escrow account rule dealing with the establishment of mandatory escrow accounts on higher-priced mortgage loans (HPML)....more

5/21/2013 - CFPB Higher-Priced Mortgage Loans Mortgage Escrow Account Mortgages Rural Development

TILA Ban on Mandatory Arbitration in Mortgage Loans Takes Effect June 1

The Truth in Lending Act (TILA) ban on mandatory arbitration provisions in certain mortgage loans becomes effective on June 1, 2013. Lenders now using mortgage loan documentation containing such provisions should take steps...more

5/17/2013 - Dodd-Frank Mandatory Arbitration Clauses Mortgages Regulation Z TILA

CFPB proposes clarifications and changes to Ability to Repay and Servicing Rules

In keeping with its promise to provide further guidance to the industry on the recent mortgage loan rules, the CFPB recently issued proposed clarifications and changes to the ability to repay/qualified mortgage rule and the...more

4/26/2013

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

CFPB proposes amendments to final mortgage escrow account rule

The CFPB has proposed amendments to its final mortgage escrow account rule dealing with the establishment of mandatory escrow accounts on higher-priced mortgage loans (HPML). According to the proposal’s supplementary...more

4/16/2013 - CFPB Higher-Priced Mortgage Loans Loans Mortgage Escrow Account Mortgages

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

CFPB issues Small Entity Compliance Guide for ability to repay mortgage rule; trade groups seek more time for implementation

The CFPB has issued a Small Entity Compliance Guide on the ability to repay and qualified mortgage rule. According to the 45-page guide, it is intended to provide “an easy-to-use summary” of the rule and “highlights issues...more

4/11/2013 - CFPB Mortgages Qualified Mortgage Rule Small Entity Compliance Guide

CFPB announces settlement of four enforcement actions against mortgage insurers

The CFPB announced the settlement of enforcement actions brought in federal district court in Florida against four national mortgage insurers involving allegations that the insurers paid kickbacks to mortgage lenders in...more

4/5/2013 - CFPB CID Insurers Kickbacks Lenders Mortgages Real Estate Settlement Procedures Act Settlement

Federal Banking Agencies Issue Flood Insurance Guidance

The federal banking agencies, together with the Farm Credit Administration, have issued joint guidance on amendments to the Flood Disaster Protection Act of 1973 (FDPA). The amendments were part of the Biggert-Waters Flood...more

4/4/2013 - Flood Disaster Protection Act Flood Insurance Flooding

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

Qualified mortgage remorse?

Could the CFPB be worried that its ability-to-repay/qualified mortgage rule is already contracting the availability of mortgage credit? In his remarks earlier this week to the Credit Union National Association, Director...more

3/1/2013 - CFPB Mortgages Qualified Mortgage Rule

Kentucky County Clerks Cannot Sue MERS for Failure to Record Mortgage Assignments, Sixth Circuit Rules

The U. S. Court of Appeals for the Sixth Circuit recently affirmed the district court’s dismissal of a putative class action filed against Mortgage Electronic Registration Systems (MERS), its parent company, and 15 financial...more

2/27/2013 - Assignments Class Action County Clerks Failure to Record Injunctions MERS Mortgages Public Officials Recording Fees Standing

DOJ Settles Another ‘Pattern or Practice’ Fair Lending Case

The U.S. Department of Justice (DOJ) recently settled a fair lending lawsuit against Texas Champion Bank. This means that, once again, a DOJ attempt to use disparate impact evidence to establish that a lender engaged in a...more

2/21/2013 - Consumer Lenders Discrimination Disparate Impact DOJ ECOA Fair Lending National Origin Pattern or Practice Settlement Uniform Pricing

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

CFPB announces mortgage rules implementation plan

The CFPB has announced various steps it plans to take over the next year to support the industry’s implementation of the mortgage rules issued in January 2013 and which take effect in January 2014. Those rules include the new...more

2/14/2013 - Ability-to-Repay CFPB Mortgage Servicing Rules Mortgages Qualified Mortgage Rule

HUD Issues Final ‘Discriminatory Effects’ Rule

The Department of Housing and Urban Development has issued a final rule that provides that if a practice has a "discriminatory effect," HUD or a private plaintiff can establish liability under the Fair Housing Act (FHA), even...more

2/13/2013 - Burden of Proof Discriminatory Effects Rule Disparate Impact FHA HUD

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

Past CFPB actions may portend fate of mortgage rules

Following the invalidation of three presidential “recess” appointments to the NLRB by the D.C. Circuit Court of Appeals in Noel Canning v. NRLB, theories continue to swirl about the fate of Director Cordray....more

2/5/2013 - Canning v NLRB CFPB Mortgages NLRB Recess Appointments Richard Cordray

D.C. Circuit NLRB Decision Casts Doubt on Validity of Cordray Appointment

The validity of President Obama’s January 2012 recess appointment of Richard Cordray as Director of the Consumer Financial Protection Bureau is now under a dark cloud as a result of the decision by the U.S. Court of Appeals...more

1/29/2013 - Barack Obama Canning v NLRB CFPB NLRB Political Appointments Pro Forma Sessions Recess Appointments Richard Cordray

CFPB final ECOA appraisal rule issued

Among the flurry of mortgage-related final rules issued by the CFPB this month was a final rule to implement a Dodd-Frank amendment to the Equal Credit Opportunity Act that requires creditors to provide to a first lien...more

1/28/2013 - Appraisal CFPB ECOA Mortgages

Settlement of Michigan Lending Discrimination Lawsuit Underscores Regulatory Focus on Equal Access to Credit

The U.S. Department of Justice (DOJ) has reached a settlement with Community Bank of St. Charles, Michigan, in a federal lending discrimination lawsuit filed by DOJ against the bank....more

1/28/2013 - CFPB Discrimination DOJ ECOA Equal Access to Credit Fair Lending FHA Mortgages Settlement

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

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