Rural and Underserved Small Creditor Summary
Updated 04/07/2016
A summary of the Interim Final Rule on Rural areas issued by the CFPB and effective March 31, 2016. The rule changes the definition of a “Rural and Underserved Creditor” allowing significantly more banks to qualify which can impact a bank’s ability to originate Qualified Mortgages with a balloon feature and, in some cases, provide relief from HPML escrow rules.
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