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CFPB Clarifies Escrow Rule, Releases Final Rural Counties List

Posted on 5/20/2013

The CFPB on Friday issued a rule clarifying technical aspects of its escrow rule and released a final list of rural and underserved counties to use in conjunction with the regulation. The escrow rule, which goes into effect June 1, extends the required duration for escrow accounts on higher-priced mortgage loans from one year to a minimum of five years.

The rule exempts such loans made by certain small creditors that operate predominately in rural or underserved counties included on the list, which is identical to the preliminary list that the Bureau posted on March 12.

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