CFPB Issues Final Rule on Higher-Priced Mortgage Loan Escrow Exemption
By EsqSocial Corporation 08/02/21
On January 19, the CFPB issued a final rule exempting certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs). The final rule exempts from the HPML escrow requirement any loan made by an insured depository institution or insured credit union and secured by a first lien on the principal dwelling of a consumer if (1) the institution has assets of $10 billion or less; (2) the institution and...
By: Orrick - Finance 20/20