Richard J. Andreano, Jr.

Richard J. Andreano, Jr.

Ballard Spahr LLP

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CFPB posts 2017 final lists of rural and rural or underserved counties

The CFPB has posted its 2017 final lists of Rural and Rural or Underserved Counties on its website.  The CFPB has previously posted lists of such counties for calendar years 2011-2016. The lists are relevant to...more

11/22/2016 - Banking Sector CFPB Consumer Lenders Mortgages Residential Real Estate Market Rural Areas

CFPB sending HMDA warning letters

The CFPB announced that it is issuing warning letters to 44 mortgage lenders and mortgage brokers stating that it “has information that appears to show that your company may not be in compliance with certain provisions of the...more

10/28/2016 - Banking Sector Banks CFPB Data Collection Disclosure Requirements Dodd-Frank Financial Institutions HMDA Mortgage Lenders Mortgage Servicers Mortgages Regulation C Reporting Requirements

Cordray remarks to MBA signal continued CFPB focus on servicing, likely petition for rehearing in PHH case

In his remarks at the Mortgage Bankers Association’s annual meeting in Boston on October 25, Director Cordray signaled that mortgage servicing will continue to be a focus of CFPB supervisory and enforcement activity, with the...more

10/27/2016 - CFPB Constitutional Challenges Financial Sector Mortgage Bankers Association Mortgage Servicers Mortgages Petition For Rehearing PHH Corp. v CFPB Removal For-Cause Residential Real Estate Market Richard Cordray Single Director TILA-RESPA Integrated Disclosure Rule (TRID)

D.C. Circuit Holds CFPB Structure Unconstitutional, Interpretation of RESPA Not Entitled to Deference

The D.C. Circuit yesterday issued its long-awaited decision in PHH Corporation v. CFPB. In reversing the decision of Consumer Financial Protection Bureau (CFPB) Director Cordray to impose an enhanced penalty of $109 million...more

10/13/2016 - Administrative Proceedings Article II Banking Sector CFPB Constitutional Challenges Dodd-Frank Due Process HUD Insurance Industry Kickbacks Mortgage Insurance Mortgages PHH Corp. v CFPB Referral Fees Reinsurance Removal For-Cause RESPA Single Director Statute of Limitations Statutory Interpretation

FDIC Publishes Community Banker Product Guide Resource

The Federal Deposit Insurance Corporation (FDIC) has published multiple resources to help community bankers learn more about single-family housing products offered by federal agencies and government-sponsored enterprises. The...more

9/30/2016 - Consumer Lenders FDIC Homeowners Housing Market Mortgage Lenders Mortgages Residential Real Estate Market Single Family Housing

CFPB approves FHLMC/FNMA revised uniform residential loan application; collection of HMDA ethnicity and race information in 2017

In a notice published in today’s Federal Register, the CFPB announced that it has given its “official approval” to a revised and redesigned Uniform Residential Loan Application (2016 URLA) and to the collection of expanded...more

9/30/2016 - Banking Sector CFPB Data Collection ECOA Ethnicity Financial Institutions HMDA Housing Market Mortgages Regulation B Regulation C Residential Real Estate Market

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

District Court Dismisses Disparate Impact Claim of Inclusive Communities

A federal court in Texas recently dismissed a housing discrimination claim that was based on alleged disparate impact under the Fair Housing Act (FHA), the latest in a series of decisions applying landmark U.S. Supreme Court...more

9/2/2016 - Affordable Housing Burden-Shifting Causation Discrimination Dismissals Disparate Impact Fair Housing Act (FHA) HUD LIHTC Pleading Standards Race Discrimination Texas Dept of Housing v Inclusive Communities Title VII

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

FinCEN Expands Targeting of High-End Cash Real Estate Transactions

FinCEN has announced a major expansion and extension of its geographic targeting orders (GTOs) aimed at high-end cash buyers of real estate. This action reflects FinCEN’s continued efforts to prevent money laundering through...more

8/5/2016 - Banking Sector Beneficial Owner Cash Transactions Covered Transactions FinCEN Geographic Targeting Order Insurance Industry Money Laundering Real Estate Investments Real Estate Market Reporting Requirements Title Insurance

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

FinCEN Director Discusses Initiatives to Address Money Laundering Through Real Estate

The Financial Crimes Enforcement Network's (FinCEN) continuing efforts to address the "real estate industry's vulnerability to money laundering” were outlined by FinCEN Director Jennifer Shasky Calvery in an April 12, 2016,...more

6/1/2016 - BSA/AML Cash Transactions FinCEN Geographic Targeting Order Money Laundering Real Estate Market

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 publishes two resources for small creditors

The CFPB recently published a fact sheet for small creditors operating in rural or underserved areas. As we have reported, the CFPB issued a final rule, which became effective on January 1, 2016, revising the definitions of...more

5/4/2016 - Banking Sector CFPB Qualified Mortgage Rule Regulation Z Rural Areas Small Credit Institutions Truth in Lending Act (TILA)

Industry Trade Groups Renew Challenge to HUD Disparate Impact Rule

Two industry trade associations whose members sell homeowners insurance have been granted leave to file an amended complaint in their lawsuit challenging the Fair Housing Act (FHA) disparate impact rule (Rule) adopted by the...more

4/22/2016 - Administrative Procedure Act Affordable Housing Disparate Impact Fair Housing Act (FHA) Homeowner's Insurance Motion to Amend Race Discrimination SCOTUS Texas Dept of Housing v Inclusive Communities

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)

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