In the July 22, 2020 issue of the Federal Register (85 FR 44228, click here) the Bureau of Consumer Financial Protection (Bureau) published a proposed rule, with a request for public comment, that proposes to amend the higher-priced mortgage loan (HPML) escrow exemption in §1026.35 of Regulation Z to exempt any loan made by an insured credit union or insured depository institution and secured by a first lien on the principal dwelling of a consumer if (1) the institution has assets of $10 billion or less; (2) the institution and its affiliates originated 1,000 or fewer loans secured by a first lien on a principal dwelling during the preceding calendar year; and (3) certain of the existing HPML escrow exemption criteria are met.
Full Memorandum
8-07-2020 CFPB Proposed Rule To Amend HPML Escrow Exemption (85 FR 44228)
