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Home » CFPB finalizes HPML escrow exemptions
Policy & Issues

CFPB finalizes HPML escrow exemptions

January 19, 2021
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The Consumer Financial Protection Bureau (CFPB) Tuesday issued a final rule exempting certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs).

CUNA supported the proposal in its September comment letter, saying it “presents a positive step forward to ensure that small, leanly staffed credit unions are not burdened with costly regulatory obligations that could prevent them from offering mortgage products that are right for a members’ financial situation.”

Specifically, the exempts from the HPML escrow requirement any loan made by an insured depository institution or insured credit union and secured by a first lien on the principal dwelling of a consumer if:

  • The institution has assets of $10 billion or less;
  • The institution and its affiliates originated 1,000 or fewer loans secured by a first lien on a principal dwelling during the preceding calendar year; and
  • Certain existing HPML escrow exemption criteria are met.

It will take effect immediately upon publication in the Federal Register.

KEYWORDS cfpb
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