WASHINGTON (7/3/12)--The Consumer Financial Protection Bureau has posted an updated list of counties determined to be "rural" or "underserved," for purposes of applying several regulatory provisions throughout the year. The first list covered 2013 and the updated list applies to 2014.
In a blog posting the bureau noted that several of its rules have provisions related to mortgage loans made by creditors which, during the preceding year, operated predominantly in 'rural' or 'underserved' counties or to mortgage loans made in 'rural' counties."
The CFPB said the following rules have provisions that relate to mortgage loans made by creditors operating predominantly in rural or underserved counties or made in rural counties:
The CFPB further noted that as part of the May 2013 Ability-to-Repay and QM standards, the bureau recently expanded this exemption to allow certain small creditors during the period from Jan. 10, 2014, to Jan. 10, 2016, to make balloon-payment qualified mortgages even if they do not operate predominantly in rural or underserved areas.
For more, use the resource link to read the CFPB blog post on the 2014 definitions.