Richard J. Andreano, Jr.

Richard J. Andreano, Jr.

Ballard Spahr LLP

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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

Fourth Circuit Limits Liability under Maryland Finder’s Fee Act

In two recent opinions, the U.S. Court of Appeals for the Fourth Circuit substantially limited the potential scope of liability under the Maryland Finder’s Fee Act. Applying the plain language of the statute, the Fourth...more

7/30/2014 - Brokers Finder's Fees Mortgages

CFPB Provides Guidance on Ability-To-Repay Rule Application to Assumptions of Residential Mortgage Loans

The CFPB recently provided guidance on the application of the Regulation Z ability-to-repay rule (Section 1026.43) to assumptions of residential mortgage loans for purposes of clarifying the application of the rule in cases...more

7/17/2014 - Ability-to-Repay Beneficiaries CFPB Mortgages Popular Regulation Z TILA

CFPB issues policy guidance on mini-correspondent structure for mortgage lenders

On July 11, 2014, the CFPB issued supervisory and enforcement guidance entitled “Policy Guidance on Supervisory and Enforcement Considerations Relevant to Mortgage Brokers Transitioning to Mini-Correspondent Lenders.” The...more

7/15/2014 - CFPB Lenders Mortgages RESPA TILA

CFPB Provides Guidance on Ability to Repay Rule Application to Assumptions of Residential Mortgage Loans

On July 8, 2014 the CFPB provided guidance on the application of the Regulation Z ability to repay rule (section 1026.43) to assumptions of residential mortgage loans for purposes of clarifying the application of the rule in...more

7/9/2014 - Beneficiaries CFPB Mortgages Regulation Z

House passes bill to modify TILA “points and fees” definition

H.R. 3211, which amends the Truth in Lending Act’s definition of “points and fees,” was passed by a voice vote in the House of Representatives on June 9, 2014. The “points and fees” definition is used to determine...more

6/13/2014 - Mortgages RESPA TILA

CFPB issues small entity compliance guide for RESPA/TILA integrated disclosure rule

The CFPB recently issued an 89-page small entity compliance guide for the TILA-RESPA Integrated Disclosure Rule (the “Guide”). As we reported previously, the CFPB issued the final rule in November 2013 to integrate the...more

4/3/2014 - CFPB Mortgage Loan Servicing Standards Mortgages RESPA TILA

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

HUD Issues Proposal to Avoid FHA Loans From Being Prohibited Starting Next Year

On March 13, 2014, HUD published a proposal to eliminate the requirement that an FHA loan borrower be required to pay interest after the loan is prepaid. The move is needed because the requirement would effectively cause FHA...more

3/17/2014 - CFPB FHA HUD Mortgages

CFPB supervisory report highlights exam report changes, non-public supervisory actions and mortgage servicing deficiencies

Last month, the CFPB began using new templates for its examination reports and supervisory letters (collectively, “reports’). The template changes were announced in the CFPB’s Winter 2013 Supervisory Report, which highlights...more

2/3/2014 - CFPB Compliance Enforcement Actions Investigations Mortgage Loan Servicing Standards Mortgages

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

CFPB’s fact vs. fiction guide: useful information for consumers or defense planning?

With the January 10 effective date imminent, the CFPB has issued what it labels a “fact vs. fiction guide” on its ability-to-repay/qualified mortgage rule. According to the CFPB, the guide is intended “to help dispel some of...more

1/8/2014 - Borrowers CFPB Lenders Mortgages Qualified Mortgage Rule Real Estate Market

CFPB to hold mortgage servicing rule training event

The CFPB has announced that on January 10, 2014, the date on which most of its new mortgage rules take effect, it will host an event entitled “Protecting homeowners: New tools for empowering consumers and advocates.” The...more

1/7/2014 - CFPB Mortgage Loan Servicing Standards Mortgages

Will the CFPB’s mortgage education campaign encourage consumers to sue?

Last week, the CFPB announced that it has launched “a campaign to educate the public about the new protections provided by the Bureau’s mortgage rules.” Consumers could, however, misinterpret the CFPB’s message as an...more

12/24/2013 - CFPB Financial Education Initiatives Foreclosure Loss Mitigation 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 Releases Final RESPA-TILA Integrated Disclosures Rule

On November 20, the Consumer Financial Protection Bureau released the nearly 1,900-page final RESPA-TILA Integrated Disclosures Rule. The rule will be effective for applications received on or after August 1, 2015. The...more

11/26/2013 - CFPB Mortgages RESPA TILA

CFPB issues final consolidated mortgage disclosure rule

Today, the CFPB issued its long-awaited final rule consolidating the application and closing disclosures required by the Real Estate Settlement Procedures Act and Truth in Lending Act for mortgage loan transactions....more

11/20/2013 - CFPB Mortgages RESPA TILA

DOJ Settles Fair Lending Cases against Mortgage Lenders

The U.S. Department of Justice (DOJ) recently settled fair lending lawsuits against two mortgage lenders. Both actions involved DOJ attempts to use disparate impact evidence to establish that a lender engaged in a “pattern or...more

11/12/2013 - Discrimination DOJ Fair Lending Mortgages National Origin Discrimination Racial Discrimination

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 joins interagency statement on qualified mortgage fair lending risks

The CFPB was one of five federal regulators issuing an interagency statement intended to address industry concerns regarding the fair lending risks associated with compliance with the CFPB’s ability-to-repay/qualified...more

10/25/2013 - Ability-to-Repay CFPB Fair Lending FDIC Federal Reserve Mortgages NCUA OCC Qualified Mortgage Rule

Federal Regulators Issue Statement on Qualified Mortgage Fair Lending Risks

Federal regulators have issued an interagency statement intended to address industry concerns regarding the fair lending risks associated with compliance with the Consumer Financial Protection Bureau’s...more

10/25/2013 - Ability-to-Repay CFPB Fair Lending FDIC Mortgages NCUA Qualified Mortgage Rule

CFPB Proposes Final Interim Mortgage Servicing Rule

In keeping with its promise to provide further guidance to the industry on the mortgage loan rules that go into effect in January, the Consumer Financial Protection Bureau (CFPB) recently issued a press release, bulletin, and...more

10/17/2013 - CFPB FDCPA Mortgage Servicers Mortgages

Director Cordray comments on timing of further mortgage rule changes and enforcement approach

While Director Cordray mostly recycled comments he has previously made about the CFPB’s mortgage rules in his remarks today to the American Mortgage Conference, he did offer some newsworthy information....more

9/11/2013 - CFPB Enforcement Mortgages Qualified Mortgage Rule Richard Cordray

Agencies propose changes to QRM exemption and additional exemptions

Federal regulators have issued their long-awaited revised qualified residential mortgage (QRM) proposal. The proposal, which implements Section 941 of the Dodd-Frank Act, was issued jointly by the FDIC, Fed, OCC, SEC and,...more

8/30/2013 - Borrowers CFPB Dodd-Frank FDIC Federal Reserve FHFA HUD Mortgage-Backed Securities Mortgages OCC QRM Standard SEC

New York Continues Pressure on Force-Placed Insurance

Force-placed insurance remains in the crosshairs of New York financial regulators. Last week, the state’s Department of Financial Services (DFS) sent a warning letter to all New York-licensed insurance producers about...more

8/28/2013 - CFPB Forced-Placed Insurance Insurers Lenders Mortgage Servicers Mortgages

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