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Monday, April 15, 2013

CFPB Proposes Technical Amendments to 2013 Escrow Final Rule

The CFPB has requested comments on a proposed rule clarifying and making technical amendments to the 2013 Escrows Final Rule issued this past January. This is the first of the CFPB’s planned issuances to clarify and provide additional guidance about the mortgage rules issued in January.

The proposal has two main purposes: to ensure consumer protections are maintained and to clarify how to determine whether or not a county is considered ‘rural’ or ‘underserved.’ The CFPB noted the determinations are made based on currently applicable Urban Influence Codes (UICs), established by the USDA's Economic Research Service (for "rural"), or based on HMDA data (for "underserved").

The comment period will close 15 days after publication in the Federal Register.

Read the proposal.
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