The Consumer Financial Protection Bureau proposed “clarifying and technical amendments” to its new escrow rule that is currently scheduled to take effect in June. The modifications would ensure that certain ability-to-repay provisions related to higher priced mortgage loans remain in effect until the CFPB’s new ability-to-repay/qualified mortgage final rule becomes effective next year. The proposal also clarifies the determination method for the bureau’s “rural” and “underserved” designations.
