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October 27, 2014
CFPB posts 2015 rural, underserved counties lists
The CFPB updated and published its lists of rural and underserved counties that credit unions and other lenders can use in 2015 to determine how various mortgage rules apply to them.
Several CFPB rules have provisions that relate to mortgage loans made by creditors operating predominantly in rural or underserved counties, or to loans made in rural counties. The updated lists show which counties will be considered rural or underserved during calendar 2015. Certain small creditors predominantly operating within these counties are exempt from certain CFPB rules on mortgage lending and servicing.
Rules referring to the counties lists include Truth in Lending Act rules on escrow; the ability-to-repay/qualified mortgage rule; high-cost mortgage and homeownership counseling amendments to TILA's Home Ownership and Equity Protection Act rule; and rules on appraisals for higher-priced mortgage loans.
NAFCU supports legislation that would make the process for designating counties for this list more transparent and appealable. The legislation, H.R. 2672 introduced by Rep. Andy Barr, R-Ky., was passed by the House this May and is pending in the Senate as S. 1916, introduced by Senate Minority Leader Mitch McConnell, R-Ky.
Several CFPB rules have provisions that relate to mortgage loans made by creditors operating predominantly in rural or underserved counties, or to loans made in rural counties. The updated lists show which counties will be considered rural or underserved during calendar 2015. Certain small creditors predominantly operating within these counties are exempt from certain CFPB rules on mortgage lending and servicing.
Rules referring to the counties lists include Truth in Lending Act rules on escrow; the ability-to-repay/qualified mortgage rule; high-cost mortgage and homeownership counseling amendments to TILA's Home Ownership and Equity Protection Act rule; and rules on appraisals for higher-priced mortgage loans.
NAFCU supports legislation that would make the process for designating counties for this list more transparent and appealable. The legislation, H.R. 2672 introduced by Rep. Andy Barr, R-Ky., was passed by the House this May and is pending in the Senate as S. 1916, introduced by Senate Minority Leader Mitch McConnell, R-Ky.
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