Richard J. Andreano, Jr.

Richard J. Andreano, Jr.

Ballard Spahr LLP

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CFPB Targets Another Mortgage Lender for Deceptive Advertising

The CFPB has announced the settlement of an enforcement action against a California-based mortgage lender for alleged deceptive advertising practices, including the use of advertisements that the CFPB claimed falsely led...more

4/21/2015 - Advertising CFPB Civil Monetary Penalty Consent Order Enforcement Actions False Advertising Military Service Members Mortgage Lenders Mortgages Popular Regulation N TILA Veterans Administration

House passes bill to amend TILA points and fees definition for mortgage loans

Earlier this week, the House of Representatives passed a bill to amend the TILA definition of “points and fees” that is used to determine whether a loan is a high-cost mortgage or, for purposes of TILA’s ability to repay...more

4/20/2015 - Mortgage Escrow Account Mortgage Lenders Mortgages New Legislation Points and Fees TILA Title Insurance

House passes bill to amend TILA points and fees definition for mortgage loans

Earlier this week, the House of Representatives passed a bill to amend the TILA definition of “points and fees” that is used to determine whether a loan is a high-cost mortgage or, for purposes of TILA’s ability to repay...more

4/17/2015 - Ability-to-Repay Amended Legislation Mortgage Lenders Qualified Mortgage Rule TILA

CFPB issues final rule on homeownership counseling requirements

The CFPB has issued a final rule to assist lender compliance with RESPA and TILA homeownership counseling requirements. Under RESPA, a lender must provide applicants for a federally related mortgage loan with a list of...more

4/16/2015 - CFPB Final Rules Financial Education Initiatives Mortgage Lenders RESPA TILA

CFPB targets another mortgage lender for deceptive advertising

The CFPB has announced the settlement of an enforcement action against a California-based mortgage lender for alleged deceptive advertising practices, including the use of advertisements that the CFPB claimed falsely led...more

4/10/2015 - Advertising CFPA CFPB Consent Order Enforcement Actions Mortgage Lenders Regulation N TILA Unfair or Deceptive Trade Practices

CFPB updates home buying information booklet

The CFPB has issued an updated version of the home buying information booklet (also known as the special information or settlement cost booklet) required under RESPA and TILA. The new booklet is entitled “Your home loan...more

4/2/2015 - CFPB Home Buyer Mortgages RESPA TILA

Trade groups seek grace period for TILA/RESPA integrated disclosure rule

A group of 17 trade associations and organizations have written to the CFPB seeking a grace period for enforcement of the TILA-RESPA Integrated Disclosure (TRID) rule which becomes effective on August 1, 2015. In their...more

3/23/2015 - CFPB Grace Period Integrated Disclosures RESPA TILA Trade Associations

CFPB Report Explores Consumers’ Mortgage Shopping Experience

In a report released on January 13, 2015, the Consumer Financial Protection Bureau announced that nearly half of consumers do not shop among multiple lenders before applying for a mortgage loan. Even fewer—about one of every...more

1/26/2015 - CFPB Consumer Financial Products FHFA Information Reports Mortgages RESPA TILA

CFPB finalizes amendments to TILA/RESPA integrated disclosures rule and loan originator rule

On Tuesday, January 20, the CFPB promulgated its first final rule of 2015, a series of minor amendments to the TILA/RESPA integrated disclosures (TRID) rule. The substantive changes to the TRID rule are (1) an extension of...more

1/23/2015 - CFPB Final Rules Integrated Disclosures Mortgage Lenders Mortgage Loan Originators Mortgages RESPA TILA Time Extensions

CFPB QM cure and other mortgage rule amendments now effective; HUD nixes CFPB cure for FHA QM rule

The CFPB’s final rule amending certain provisions of the 2013 Title XIV final mortgage rules which includes a post-consummation points and fees cure mechanism for qualified mortgage loans, became effective on Monday, November...more

11/6/2014 - CFPB FHA Final Rules HUD Qualified Mortgage Rule Regulation X RESPA TILA

CFPB finalizes amendments to mortgage rules

The CFPB has issued a final rule amending certain provisions of the 2013 Title XIV final mortgage rules. While in its press release the CFPB describes the amendments as “minor adjustments to its mortgage rules,” the final...more

10/24/2014 - CFPB Mortgage Servicing Rules Mortgages RESPA TILA Title XIV

CFPB Answers FAQ on the TILA-RESPA Integrated Disclosures Rule

On August 26, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar and addressed questions about the final TILA-RESPA Integrated Disclosures Rule that will be effective for applications received by creditors or...more

8/29/2014 - CFPB Creditors Disclosure Requirements Final Rules Mortgage Brokers RESPA TILA

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

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

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

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

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 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

Agencies Adopt Final Appraisal Rule for Higher-Priced Mortgage Loans

Today, the federal financial institution agencies (the FDIC, Fed, OCC, and NCUA), the CFPB, and the Federal Housing Finance Agency adopted a joint final rule to implement Dodd-Frank appraisal requirements for higher-priced...more

1/21/2013 - CFPB Dodd-Frank FDIC Federal Reserve Higher-Priced Mortgage Loans Mortgages NCUA OCC TILA

CFPB Issues Final Mortgage Escrow Account and High-Cost Loan Rules

Last week was a busy one for the CFPB. In addition to the final ability to repay/qualified mortgage rule, the CFPB also issued final rules on mortgage escrow accounts and high-cost home loans....more

1/15/2013 - CFPB Dodd-Frank HOEPA Mortgage Escrow Account Mortgages TILA

High-Cost Loan Final Rule Temporarily Averts FHA Loan Crisis

On January 10, 2013, the CFPB issued a final high-cost loan rule under Dodd-Frank that includes a modified version of a proposal that will temporarily avoid a crisis with FHA loans....more

1/14/2013 - CFPB Dodd-Frank FHA HOEPA Mortgages TILA

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