The CFPB has issued a final rule as a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) to potentially exempt additional institutions from the HPML escrow requirements.
The Rule will extend eligibility for the exemption to institutions with assets of no more than $10 billion, as long as the institution and any affiliates originated no more than 1,000 loans secured by a first lien on a principal dwelling in the prior year and other criteria are met.
The Rule will be in effect upon publication in the Federal Register.
Published
2021/01/19