The CFPB has issued a final rule as a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) to potentially exempt additional institutions from the HPML escrow requirements.
The Rule will extend eligibility for the exemption to institutions with assets of no more than $10 billion, as long as the institution and any affiliates originated no more than 1,000 loans secured by a first lien on a principal dwelling in the prior year and other criteria are met.
The Rule will be in effect upon publication in the Federal Register.
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Diane joined Banker’s Compliance Consulting with over 10 years of compliance experience and over 15 years of experience within the financial industry. Diane is a Certified Regulatory Compliance Manager (CRCM) and has a Bachelor’s Degree in Sociology with a concentration in Criminal Justice. She is a graduate of the Schools of Banking Compliance School and has participated in various other training opportunities throughout her career. Diane understands firsthand the struggles banks face in building and maintaining successful compliance programs. Her experience and common sense approach to consumer compliance is a great asset to our clients.
Diane and her husband have two kids who keep them busy. She enjoys running and other sports and is a big Bugs Bunny fan! She’s a bit crazy in that she does enjoy reading some of these regulations and she’s a “crazy cat lady!” Her cat tales are hilarious!