The Consumer Financial Protection Bureau (CFPB) has issued a final rule clarifying and making technical amendments to the 2013 Escrows Final Rule.
The final rule clarifies how to determine whether or not a county is considered “rural” or “underserved” for purposes of applying an exemption in the 2013 Escrows Final Rule and special provisions adopted in three other Dodd-Frank Act mortgage rules issued by the CFPB in January. The CFPB has used the changes to compile the final 2013 rule or underserved counties list.
The final rule also establishes a temporary provision to ensure existing protections remain in place for higher-priced mortgage loans until the expanded provisions take effect in January 2014.
In addition, the CFPB issued a proposed rule with clarifications and updates to the ATR/QM and Servicing rules from January. The Bureau noted it plans to issue a final rule based on that proposal in June.
Read More: Clarification of the 2013 Escrows Final Rule
Final List of Rural and Underserved Counties for Use in 2013