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CFPB Issues Escrow Rule Compliance Guide

Posted on 4/22/2013

The Consumer Financial Protection Bureau (CFPB) on Friday issued a compliance guide for the new escrow rule that increases to five years the minimum time for which lenders must maintain escrow accounts on "higher-priced" mortgages.

Institutions serving rural and underserved areas, as well as institutions with less than $2 billion in assets and that originate fewer than 500 first-lien covered loans annually, may qualify for an exemption from the rule, which takes effect June 1. The guide covers some additional exemptions.

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