Richard J. Andreano, Jr.

Richard J. Andreano, Jr.

Ballard Spahr LLP

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HUD Expands Fair Housing Protections

People with limited English proficiency (LEP) are protected under the Fair Housing Act (FHA) under new guidance announced by the U.S. Department of Housing and Urban Development (HUD). Housing providers can face liability for...more

9/21/2016 - Discrimination Disparate Impact Fair Housing Act (FHA) Housing Discrimination Housing Market HUD Landlords Limited English Proficiency (LEP) Mortgages National Origin National Origin Discrimination Real Estate Market Tenants

Fannie Mae and Freddie Mac Publish Redesigned Uniform Residential Loan Application Form and Dataset

Fannie Mae and Freddie Mac have announced that they have published redesigned versions of their Uniform Residential Loan Application Form (URLA), the first substantial revision to the form in more than 20 years. The update to...more

9/2/2016 - Applications Fannie Mae Freddie Mac HMDA Mortgages Residential Real Estate Market

CFPB Revises Methodology Statement for Calculating Average Prime Offer Rates

The Consumer Financial Protection Bureau (CFPB) has published a notice in the Federal Register announcing that it has revised its methodology statement for calculating the average prime offer rates (APORs) under Regulations C...more

8/24/2016 - Banking Sector CFPB Financial Institutions Mortgages Real Estate Market Regulation C Regulation Z

Foreclosure of Nevada HOA Super Lien Cannot Extinguish Mortgage Lender’s Security Interest

The non-judicial foreclosure of a Nevada HOA super lien cannot constitutionally extinguish a mortgage lender's security interest, the Ninth Circuit Court of Appeals has held. This holding will affect many lawsuits in federal...more

8/16/2016 - Banking Sector Due Process Foreclosure Fourteenth Amendment HOA Liens Mortgages

CFPB revises methodology statement for calculating average prime offer rates

The CFPB has published a notice in the Federal Register announcing that it has revised its methodology statement for calculating the average prime offer rates (APORs) under Regulations C and Z. Regulation C requires...more

8/11/2016 - CFPB Covered Financial Institutions Mortgage Lenders Mortgages Regulation C Regulation Z Reporting Requirements

CFPB Proposes TRID Rule Modifications

As previously reported, the Consumer Financial Protection Bureau (CFPB) proposed substantive and technical revisions to the TILA/RESPA Integrated Disclosure (TRID) rule, which the CFPB refers to as the "Know Before You Owe"...more

8/4/2016 - Banking Sector CFPB Closing Documents Consumer Lenders Disclosure Requirements Gramm-Leach-Blilely Act Mortgage Lenders Mortgages Property Insurance Property Tax Regulation Z Residential Real Estate Market TILA-RESPA Integrated Disclosure Rule (TRID) Title Insurance

FHA and VA to Expand Coverage to Properties with Certain PACE Assessments

The Federal Housing Administration (FHA) has announced guidance intended to clarify circumstances under which residential properties encumbered by a Property Assessed Clean Energy (PACE) special assessment would be eligible...more

7/26/2016 - Banking Sector Clean Energy Department of Veterans Affairs Energy Efficiency Federal Housing Administration (FHA) Loans Mortgage Bankers Association Mortgages PACE Renewable Energy Renewable Energy Incentives Solar Energy

HMDA resources for data collected in 2017 and 2018

As we have reported, the Consumer Financial Protection Bureau (CFPB) released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring “Covered Institutions” to report certain...more

7/22/2016 - CFPB Disclosure Requirements FFIEC Filing Requirements HMDA HUD Mortgage Lenders Mortgages Real Estate Market Regulation C Reporting Requirements

CFPB, DOJ Settle Fair Lending Claims Involving Allegations of Redlining, Discretionary Underwriting and Pricing, Overt...

The Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the Fair...more

7/22/2016 - Banking Sector CFPB Discriminatory Lending Practices DOJ ECOA Fair Housing Act (FHA) Fair Lending Mortgages Race Discrimination Real Estate Market Redlining

NY DFS Finalizes Rigorous AML/BSA Regulation

The New York Department of Financial Services (DFS) has finalized a new regulation setting forth rigorous standards for monitoring and filtering programs to monitor transactions for potential anti-money laundering (AML) and...more

7/11/2016 - Anti-Money Laundering Bank Secrecy Act Banking Sector Banks BSA/AML Financial Institutions Financial Regulatory Reform Foreign Banks Lenders Money Laundering Money Transmitter Mortgages New Regulations NYDFS OFAC Transaction Monitoring

CFPB and DOJ Settle Fair Lending Claims Involving Allegations of Redlining, Discretionary Underwriting and Pricing, and Overt...

The Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the...more

7/11/2016 - Banking Sector CFPB Consent Order Consumer Financial Products Discriminatory Lending Practices DOJ ECOA Fair Housing Act (FHA) Financial Institutions Mortgages Popular Race Discrimination Redlining

CFPB Publishes New Annotated Loan Disclosures

In emails sent to CFPB email subscription holders, the CFPB announced the publication of new annotated versions of the Loan Estimate and Closing Disclosure that include citations to sections in Chapter 2 of the Truth in...more

5/31/2016 - Banking Sector CFPB Consumer Financial Products Consumer Lenders Mortgage Lenders Mortgages Regulation Z TILA-RESPA Integrated Disclosure Rule (TRID) Truth in Lending Act (TILA)

CFPB Publishes New Annotated Loan Disclosures

In emails sent to CFPB email subscription holders, the CFPB announced the publication of new annotated versions of the Loan Estimate and Closing Disclosure that include citations to sections in Chapter 2 of the Truth in...more

5/16/2016 - CFPB Closing Documents Disclosure Requirements Dodd-Frank Mortgages TILA-RESPA Integrated Disclosure Rule (TRID) Truth in Lending Act (TILA)

CFPB Issues Second Rule to Implement the HELP Act, Expanding Qualified Mortgage Coverage for Lenders in Rural and Underserved...

As we have addressed, Congress passed the Helping Expand Lending Practices in Rural Communities Act of 2015 (HELP Act) on December 4, 2015, in efforts to expand the designation of additional areas as being "rural" under...more

4/15/2016 - Ability-to-Repay CFPB Comment Period Escrow Accounts Final Rules HELP Act Mortgages New Legislation Regulation Z Rural Areas Truth in Lending Act (TILA)

CFPB issues second rule to implement the HELP Act, expanding Qualified Mortgage coverage for lenders lending in rural and...

As we have addressed, Congress passed the Helping Expand Lending Practices in Rural Communities Act of 2015 (HELP Act) on December 4, 2015, in efforts to expand the designation of additional areas as being “rural” under...more

3/31/2016 - Ability-to-Repay CFPB Mortgages Qualified Mortgage Rule Regulation Z Residential Real Estate Market Rural Areas Rural Development Truth in Lending Act (TILA)

CFPB Staff Presents TRID Rule Webinar

The Consumer Financial Protection Bureau (CFPB) staff presented an informational webinar on March 1, 2016, to address several issues with the TILA/RESPA Integrated Disclosure (TRID) rule in connection with...more

3/22/2016 - CFPB Construction Industry Construction Loans Mortgages Residential Real Estate Market TILA-RESPA Integrated Disclosure Rule (TRID)

Survey Says: TRID Extends Processing Times and Limits Products Offered

The American Bankers Association (ABA) has released findings from its recent 2016 ABA TRID Survey focusing on the TILA/RESPA Integrated Disclosure (TRID) rule’s effect on the residential mortgage lending market. The findings,...more

3/7/2016 - American Bankers Association Banking Sector Mortgage Lenders Mortgages Surveys TILA-RESPA Integrated Disclosure Rule (TRID)

TRID Rule Technical Correction?

In the Federal Register the Consumer Financial Protection Bureau (CFPB) published a correction to the TILA/RESPA Integrated Disclosure (TRID) rule supplementary information as published on December 31, 2013, with regard to...more

2/22/2016 - CFPB Escrow Accounts HOA Dues Mortgages Property Tax TILA-RESPA Integrated Disclosure Rule (TRID)

Federal Reserve Repeals Regulation AA, Proposes Repeal of Regulation C

The Federal Reserve Board (Board) is repealing Regulation AA, which includes the Board's credit practices rule, effective March 21, 2016. The Board is also proposing to repeal its Regulation C, which historically implemented...more

2/19/2016 - Banks CFPB Comment Period Dodd-Frank Federal Reserve FTC Act HMDA Mortgages Regulation AA Regulation C

CFPB construction loan “fact sheet” falls far short of necessary guidance

The CFPB has issued what it calls a “fact sheet” regarding the disclosure of construction-to-permanent loans under the TILA/RESPA Integrated Disclosure (TRID) rule, which the CFPB refers to as the Know Before You Owe rule....more

1/16/2016 - CFPB Construction Loans Disclosure Requirements Mortgages TILA-RESPA Integrated Disclosure Rule (TRID)

CFPB seeks input on HMDA resubmissions

The CFPB has issued a request for information (RFI) seeking information on what changes to the CFPB’s HMDA Resubmissions Guidelines may be appropriate. The RFI responds to comments received by the CFPB in connection with its...more

1/11/2016 - Banking Sector CFPB HMDA Mortgages Request For Information

CFPB responds to industry concerns about TRID rule liability

Reacting to reports of investors refusing to purchase loans based on various, often technical, violations of the TILA/RESPA Integrated Disclosure (TRID) rule, the Mortgage Bankers Association (MBA) sent a letter to the CFPB...more

12/31/2015 - CFPB Investors Mortgage Bankers Association Mortgages TILA-RESPA Integrated Disclosure Rule (TRID)

CFPB issues TRID rule corrections

The CFPB has issued a final rule containing “technical corrections” to the final TILA-RESPA Integrated Disclosure (TRID) rule that became effective on October 3, 2015. The corrections are effective December 24, 2015, the date...more

12/29/2015 - CFPB Final Rules Mortgages Regulation Z TILA-RESPA Integrated Disclosure Rule (TRID)

CFPB issues TRID rule corrections

The CFPB has issued a final rule containing “technical corrections” to the final TILA-RESPA Integrated Disclosure (TRID) rule that became effective on October 3, 2015. The corrections are effective December 24, 2015, the date...more

12/29/2015 - CFPB Final Rules Mortgages Regulation Z TILA-RESPA Integrated Disclosure Rule (TRID)

New Loan Limits for 2016 Announced by FHA

The Federal Housing Administration (FHA) announced the 2016 Nationwide Forward Mortgage Limits in Mortgagee Letter 2015-30 and the 2016 Nationwide Home Equity Conversion Mortgage (HECM) limits in Mortgagee Letter 2015-29...more

12/21/2015 - Federal Housing Administration (FHA) Freddie Mac HECM HUD Mortgages

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