Category Mortgage rules for rural and underserved areas

Additional Mortgage Rule Implementation Resources for Lenders

The Consumer Financial Protection Bureau (“CFPB”) has issued additional resources related to the CFPB’s mortgage servicing rules. The first, a fact sheet, summarizes key issues for small creditors operating in a rural or underserved area. This fact sheet includes information related to verifying small creditors’ official designation under the mortgage servicing rules. This document also […]

CFPB Provides Expansion of Rural and Underserved Provisions of Mortgage Rules

Recently, the Consumer Financial Protection Bureau (“CFPB”) issued an interim final rule (“Rule”) that expanded “qualified mortgage” coverage in rural or underserved areas. Specifically, the Rule amends certain provisions of Regulation Z, the implementing regulations of the Truth-in-Lending Act. The updates concern two issues. First, the Rule expands the eligibility of certain small creditors operating […]

CFPB Proposal Extends Small Creditor Status and Exemptions to More Institutions

Additional community banks, credit unions, and other institutions would benefit from a proposal of the Consumer Financial Protection Bureau (“CFPB”) to facilitate the offering of certain types of mortgages in rural and underserved areas, and to help small creditors adjust their business practices to comply with the new rules. As banking professionals know, the CFPB […]