The CFPB has proposed amendments to its final mortgage escrow account rule dealing with the establishment of mandatory escrow accounts on higher-priced mortgage loans (HPML). According to the proposal’s supplementary information, the proposal is the “first publication of additional guidance and updates regarding the Title XIV Final Rules.” It further states that because the final rule is effective June 1, 2013, the CFPB gave priority to issuing the proposal. … Continue Reading
CFPB issues final mortgage escrow account and high-cost loan rules
By Richard J. Andreano, Jr. on
Posted in Mortgages, Regulatory and Enforcement
Last week was a busy one for the CFPB. In addition to the final ability to repay/qualified mortgage rule, the CFPB also issued final rules on mortgage escrow accounts and high-cost home loans.
The final mortgage escrow account rule implements a section of the Dodd-Frank Act relating to the establishment of mandatory escrow accounts on higher-priced mortgage loans.… Continue Reading