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Tuesday, December 31, 2013

CFPB Announce Escrow Account Asset-Size Threshold Increase

The CFPB adjusted the asset-size exemption threshold for the requirement to establish an escrow account for higher-priced mortgage loan under Regulation Z to $2.028 billion from $2 billion. As established by the Dodd-Frank Act’s 2013 Escrows Final Rule, the threshold is adjusted based on the annual percentage increase in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers.

The rule will be effective January 1, 2014 and will apply to whether a creditor is eligible for the exemption in 2014.

Read more.

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