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Wednesday, March 13, 2013

CFPB Exemptions for Small Creditors in Rural or Underserved Counties

On June 1, 2013, the CFPB’s Escrow Requirements under the Truth in Lending Act rule will go into effect, which require certain creditors to create escrow accounts for a minimum of 5 years for higher-priced mortgage loans (HPMLs). The rule exempts HPMLs made by certain small creditors that operate predominantly in rural or underserved counties from this requirement.

The CFPB is expecting to publish in the near future some proposed minor technical changes to the rule, but expects to finalize the rule before June, 1, 2013. The CFPB will publish the official list of rural or underserved counties for 2013 when the rule is finalized. In the meantime, the CFPB has published a preliminary list of these counties.

In addition, the CFPB has several rules that will that take effect in January 2014 that have provisions that affect mortgage loans made by creditors that operate predominantly in rural or underserved counties. These rule will also work off the CFPB’s official list of rural or underserved counties when released.

View the preliminary list of rural or underserved counties.
See a full table of the regulatory sections involved.

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