Richard J. Andreano, Jr.

Richard J. Andreano, Jr.

Ballard Spahr LLP

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CFPB settles second loan originator compensation case

The CFPB entered into a stipulated order and final judgment with Franklin Loan Corporation (Franklin) to settle allegations that Franklin paid its employee loan originators compensation based on the interest rates charged on...more

11/17/2014 - CFPB Mortgage Loan Originators Neither Admit Nor Deny Settlements Regulation Z Settlement

CFPB issues revised mortgage servicing and origination exam procedures

The CFPB has revised its examination procedures for mortgage servicing and mortgage origination. The revisions are intended to update the CFPB’s existing examination procedures to reflect the new mortgage rules which became...more

1/14/2014 - CFPB Mortgage Loan Originators Mortgage Loan Servicing Standards Mortgages

Federal financial regulatory agencies finalize appraisal requirement exemptions

The CFPB, Fed, FDIC, FHFA, NCUA, and OCC have finalized a supplemental rule creating several exemptions to the appraisal requirements for higher-priced mortgage loans (HPML). Those requirements are contained in the final rule...more

12/17/2013 - Appraisal Higher-Priced Mortgage Loans Mortgage Loan Originators Mortgages

CFPB settles lawsuit challenging loan officer bonuses

For mortgage industry members wondering how serious the CFPB will be when enforcing the Regulation Z loan originator compensation rule (“LO Compensation Rule”) we now have an answer— $13 million dollars serious. ...more

11/8/2013 - Bonuses CFPB Loan Originator Compensation Rule Mortgage Loan Originators Mortgages Regulation Z

CFPB files lawsuit challenging loan officer bonuses

It appears the CFPB wants to send a warning through the lawsuit it filed yesterday in a Utah federal court against a mortgage company and two of its officers for allegedly paying illegal bonuses to loan officers that were...more

7/25/2013 - Bonuses CFPB Dodd-Frank HOEPA Mortgage Loan Originators Mortgages Sales Commissions

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 proposes further changes to mortgage rules

On Monday, the CFPB proposed additional changes to the mortgage rules adopted in January 2013. Comments on the proposed changes are due by July 22, 2013....more

6/26/2013 - Ability-to-Repay CFPB Higher-Priced Mortgage Loans Loss Mitigation Mortgage Loan Originators Mortgages

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 issues final rules on mortgage servicing, appraisals and loan originator compensation

The regulatory barrage continued last week with the CFPB issuing the last batch of mortgage-related rules it was required to finalize by the Dodd-Frank Act’s January 21 deadline....more

1/23/2013 - CFPB Compensation & Benefits Dodd-Frank Higher-Priced Mortgage Loans Mortgage Loan Originators Mortgages Regulation Z TILA

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

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

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