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Monday, May 6, 2013

ABA Asks CFPB to Clarify Escrow Rule, Expand Exemption Definitions

ABA asked the CFPB to clarify its recently released compliance guide for the escrow rule for higher-priced mortgages, and to expand the rule's exemption for smaller banks.

Based on comments from ABA members, ABA's letter asked the CFPB to clarify at what specific point an escrow account must be opened, and to specify whether the escrow requirement applies to loan modifications.

ABA also asked the CFPB to expand the definitions of “rural” and “underserved” areas, which are the criteria for locales where banks are exempt from the escrow rule, as well as rules related to balloon payments and qualified mortgages.

Read the letter.

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