North Dakota Bankers Association - link home

About Us Government Relations and Legal Education Business Partners Communications

NDBA Home















Communications

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.

To read more visit: http://files.consumerfinance.gov/f/201304_cfpb_compliance-guide_2013-escrows-rule.pdf



Members Only
Calendar of Events

ND BANKS Benefit Trust

Office Depot Banker Signup

Security Professionals Workshop

2017 HSA