Final escrow rule amendments leave ‘rural’ definition unchanged, for now

The Consumer Financial Protection Bureau finalized a rule clarifying that certain protections applicable to higher-priced mortgage loans will not expire prior to the effective date for the bureau’s new ability-to-repay/qualified mortgage rule. The May 16 changes to the CFPB’s January escrow rule for HPMLs also clarify how to determine whether a county is considered “rural” or “underserved” for purposes of applying certain important exemptions set forth under the CFPB’s new mortgage rules. Read on for the details.