On January 10, the CFPB issued final rules that: (i) amend HOEPA to provide protections relating to risky loan features, such as prepayment penalties and to require homeownership counseling and (ii) require escrow accounts to be established for a minimum of 5 years for certain higher-priced mortgage loans, effective June 1. CFPB Release. CFPB Final HOEPA Rule. CFPB Guide on HOEPA Rule. CFPB Final Escrow Rule. CFPB Guide on Escrow Rule.
Topics: CFPB, HOEPA, Mortgages
Consumer Protection Updates, Finance & Banking Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
© Orrick - Structured Finance Group
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