Proposed Clarification of the 2013 Escrows Final Rule

The Consumer Financial Protection Bureau ("CFPB") is providing guidance clarifying and making technical amendments to the 2013 Escrows Final Rule.The final rule, among other things, lengthens the amount of time during which a mandatory escrow account established for a higher-priced mortgage loan ("HPML") must be maintained. The rule also establishes an exemption from the escrow requirement for certain creditors that operate predominantly in "rural" or "underserved" areas. The amendments clarify the determination method for the "rural" and "underserved" designations and keep in place certain existing protections for HPMLs until other similar provisions take effect in January 2014.

Date: Comments must be received on or before [INSERT DATE 15 DAYS AFTER FR PUBLICATION].

View Proposed Rule in full here (links externally to CFPB website).See also: Press Release.