Consumer Financial Protection Bureau, Rural or Underserved Counties
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| Categories | Banking, Finance & Lending, Community Development & Federal Designations |
|---|---|
| Detail | Rural or underserved counties |
| Download Available | yes |
| Geographies | County |
| Last Updated on PolicyMap | October 2024 |
| Public Edition or Subscriber-only | Public Edition |
| Source | Consumer Financial Protection Bureau (CFPB) |
| Years Available | 2012-2024 |
Description:
The Escrow Requirements under the Truth in Lending Act rule (known as the Escrows Rule) requires that certain creditors create escrow accounts for a minimum of five years for higher-priced mortgage loans (HPMLs), except HPMLs made by certain small creditors that operate predominantly in rural or underserved counties. Rural counties are defined by using the USDA Economic Research Service’s urban influence codes, and underserved counties are defined by reference to data collected under the Home Mortgage Disclosure Act (HMDA).