On June 26, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published an interpretive rule clarifying what Home Mortgage Disclosure Act (HMDA) data will be used in determining that an area is “underserved” for purposes of applying certain provisions described in Regulation Z, such as the exemption from the requirement to establish an escrow account for a higher-priced mortgage loan and the ability to originate balloon-payment qualified mortgages and balloon-payment high cost mortgages.
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