From the Archives: June 2013

CFPB FINAL RULES: Clarification of the 2013 Escrow Final Rules 

Shortly after the comment period closed on May 16, the CFPB issued clarifying and technical amendments to the final rule which lengthens the time for which a mandatory escrow account for a higher-priced mortgage loan must be maintained. The rule also established an exemption from the escrow requirement for certain creditors that operate predominantly in “rural” or “underserved” areas. The amendments clarify the determination method for the “rural” and “underserved” designations and keep in place certain existing protections for HPMLs until other similar provisions take effect in January 2014.

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