We here at Landmark Network, Inc. love when people adequately summarize long documents for us, so when the chance to throw ourselves eye-first at a CFPB document presents itself, we’re all over the effort to pay it forward. Today is another one of those good karma days as we present to you: “Clarification of the 2013 Escrows Final Rule.”
Last Thursday, CFPB issued clarification of the aforementioned Final Rule, adding technical amendments. It has two primary purposes:
- Maintaining Consumer Protections: One modification is an amendment affecting protections regarding assessments of consumers’ ability to repay and prepayment penalties on higher priced loans. The 2013 Escrows Final Rule apparently created a chronological gap on protections put in place by the Dodd-Frank Act. A temporary provision for the six-month gap now enables those protections to remain in place.
- Definitions! ‘Rural’ and ‘Underserved’ get defined! Since rural/underserved populations are an actual specialty in modern western medicine, it only makes sense that this population should also be its own class in regards to financial protections. In an oddly amusing choice of verbiage, CFPB states that determination of inclusion in this class of persons are made based on the Urban Influences Codes (UICs). While it sounds more like a hip-hop award at the Grammy’s, the codes were established by the U.S. Department of Agriculture (USDA).
As if that were not enough to titillate the left-brain, promises of further rule issuances are delivered, so we can all rest assured that this blog will never run out of things to share. We’d love to read your comments below, but remember that you can also share them directly with the CFPB on their own page, where you can learn fun new terms like “micropolitan.”
Let us know what you think because, if CFPB’s comments section is any indication, people love to debate definitions online.