We have an update to our September 23 post regarding the CFPB's expanded definition of "small creditors" and "rural areas" for purposes of meeting the requirements of qualified mortgages. As first reported by Housing Wire, the CFPB has now published an updated list of places the CFPB has determined qualify as "rural counties" and "underserved areas." The full list may be found here. As discussed in greater detail in our September 23 post, creditors operating in these defined rural counties and underserved areas should now find it much easier to originate loans that meet the standards of a qualified mortgage. In turn, consumers in these areas should find themselves with increased access to credit.
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