Richard J. Andreano, Jr.

Richard J. Andreano, Jr.

Ballard Spahr LLP

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CFPB increases appraisal requirement exemption threshold

The CFPB, Fed, and OCC have adjusted the threshold for smaller loans that are exempt from the appraisal requirement for “higher priced mortgage loans.” The appraisal requirement became effective January 18, 2014, and the...more

12/24/2014 - Appraisal CFPB Federal Reserve Loans Mortgage Lenders Mortgages OCC Secured Lenders

Flood Insurance Reform Bill with Escrow Amendments Awaits President’s Signature

The U.S. House of Representatives and Senate recently passed, and the President is expected to sign into law, amendments to the Biggert-Waters Flood Insurance Reform Act of 2012 (the Act). The legislation seeks to address...more

3/19/2014 - Biggert-Waters Flood Insurance Reform Act Flood Insurance Insurers Loans Mortgage Escrow Account Mortgages Premiums

CFPB issues final 2014 list of rural or underserved counties

The CFPB has released a final list of “rural” or “underserved” counties for use in 2014. The CFPB has indicated that creditors may rely on this list as a safe harbor to determine whether a county is “rural” or “underserved”...more

7/9/2013 - Ability-to-Repay CFPB Creditors HOEPA Loans Mortgage Escrow Account Qualified Mortgage Rule Safe Harbors

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

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

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

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