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CFPB Issues Preliminary ‘Rural Counties' List For Escrow Rule

Posted on 3/13/2013

The Consumer Financial Protection Bureau (CFPB) late yesterday released a preliminary list of rural counties to use for implementing new escrow rules that will be effective in June. Importantly, the Bureau indicated that the list will be adjusted when the escrow rule is finalized before June 1 and again for 2014 when the USDA Economic Research Service completes its analysis and classification of counties from the 2010 Census data.

When it becomes effective June 1, the rule will require certain creditors to create escrow accounts for a minimum of five years for higher-priced mortgage loans. It will exempt such loans if they are made by certain small creditors that operate in counties on the CFPB's rural list.

To read more visit: http://www.consumerfinance.gov/blog/exemption-from-escrow-requirement-for-small-creditors-in-rural-or-underserved-counties/



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