The Consumer Financial Protection Bureau issued a proposed rule to implement ICBA-supported relief from mandatory escrow requirements for higher-priced mortgage loans.
CFPB begins implementing escrow exemption
July 06, 2020 / By ICBA
The Consumer Financial Protection Bureau issued a proposed rule to implement ICBA-supported relief from mandatory escrow requirements for higher-priced mortgage loans.
The Consumer Financial Protection Bureau issued a proposed rule to implement ICBA-supported relief from mandatory escrow requirements for higher-priced mortgage loans.
Under the proposal, institutions with $10 billion or less in assets that originate 1,000 or fewer mortgage loans secured by a first lien on a principal dwelling will not be required to establish escrow accounts for loans originated and retained in portfolio.
The proposal to amend Regulation Z begins the last CFPB rulemaking required by the ICBA-advocated S. 2155 regulatory relief law.
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