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VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
On Jan. 19, 2021, the Consumer Financial Protection Bureau (CFPB) issued a final rule on the Higher-Priced Mortgage Loan (HPML) escrow exemption. The 68-page final rule pertains to the requirement in Regulation Z that creditors must establish escrow accounts for certain HPMLs. Under the new rule, Section 1026.35(b)(2)(vi) exempts from the Regulation Z HPML escrow requirement any loan made by an insured bank or credit union, and secured by a first lien on the principal dwelling of a consumer if:
The final rule is effective on the date it is published in the Federal Register.
To learn more about the exemption rules, contact Doeren Mayhew’s regulatory compliance specialists.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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