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Thursday, March 31, 2016

CFPB Updates Title XIV Implementation Materials and Regulation Z

Last week, the CFPB issued a rule to expand eligibility for the special provisions allowing certain small creditors to issue balloon-payment qualified mortgages, balloon-payment high cost mortgages and exempting them from the escrow requirement for higher-priced mortgage loans. The Bureau has now updated portions of the Title XIV implementation materials to bring them into alignment with these changes and with the Amendments Relating to Small Creditors and Rural or Underserved Areas Under the Truth in Lending Act (Regulation Z) published October 2, 2015.

Updates have been made to the compliance guides for ATR/QM, HOEPA and the TILA Higher-Priced Mortgage Loans (HPML) Escrow Rule, the transaction coverage and exemption chart, the small creditor qualified mortgage flowchart and the ATR/QM comparison chart.

View the updates.

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