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CFPB finalizes escrow requirements for higher-priced mortgages
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Banking, Consumer Protection
Monday, January 14, 2013
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The Consumer Financial Protection Bureau finalized rules requiring creditors to establish escrow accounts for certain mortgage transactions. The rule implements provisions of the Dodd-Frank Act intended to help ensure that consumers set aside funds to pay property taxes, and premiums for homeowners insurance, and other mortgage-related insurance required by the creditor.
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