CFPB announces changes to rural-or-underserved provisions

The Consumer Financial Protection Bureau (CFPB) issued a rule that expands eligibility for the special provisions allowing certain small creditors to issue balloon-payment qualified mortgages and balloon-payment high cost mortgages, and exempting them from the escrow requirement for higher-priced mortgages.

Check out the changes to the eligibility criteria for these provisions:
www.consumerfinance.gov/regulatory-implementation/title-xiv/#charts.

Learn more at www.consumerfinance.gov/newsroom/cfpb-rule-broadens-qualified-mortgage-coverage-of-lenders-operating-in-rural-and-underserved-areas/.

The CFPB is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.

 

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