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Proposed Clarification of the 2013 Escrows Final Rule
Tuesday, April 16, 2013 6:50 AM

The Consumer Financial Protection Bureau (CFPB) has issued a proposed rule clarifying and making technical amendments to the 2013 Escrows Final Rule issued by the agency this past January. This is the first of its planned issuances to clarify and provide additional guidance about the mortgage rules the CFPB issued in January.

The proposal has two primary purposes:

  • Maintaining Consumer Protections - The 2013 Escrows Final Rule amends an existing rule that also provides protections regarding assessments of consumers’ ability to repay and prepayment penalties on certain “higher-priced” mortgage loans.
  • “Rural” and “Underserved” Definitions – The CFPB says it is ensuring consumer protections are maintained. They are also proposing to clarify how to determine whether or not a county is considered “rural” or “underserved” for purposes of applying an exemption in the escrows rule and special provisions adopted in three other Dodd-Frank Act mortgage rules the CFPB issued in January.

The CFPB says it welcomes comment on this proposed rule. The comment period will close 15 days after publication in the Federal Register. The CFPB says it will update the Escrows rule page when it is published