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On January 29, 2015, the CFPB proposed amendments to its mortgage rules to better accommodate responsible lending by small creditors, particularly in rural and underserved areas.
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On January 29, 2015, the CFPB proposed amendments to its
mortgage rules to better accommodate responsible lending by small
creditors, particularly in rural and underserved areas. If the
rules are finalized as proposed, a greater number of financial
institutions would be able to offer certain types of mortgages in
rural and underserved areas. Among other things, the amendments
would: (i) expand the definition of a small creditor; (ii) include
mortgage affiliates in the calculation of small creditor status;
(iii) expand the definition of "rural" areas; and (iv)
provide grace periods for small creditor status. The proposed rules
will be open for public comment until March 30, 2015.
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