Increases in the asset sizes of financial institutions exempt from home mortgage data reporting and from establishing escrows for higher-cost mortgage loans are set to take effect Jan. 1 under final rules of the Consumer Financial Protection Bureau (CFPB).
The final rules, published in Thursday’s Federal Register, revise the CFPB’s Regulation C (Home Mortgage Disclosure Act, or HMDA) and Regulation Z (Truth in Lending Act, or TILA). The Reg C change raises from $48 million to $50 million the maximum asset size of institutions exempt from HMDA data reporting on residential mortgage loans and applications.
The Reg Z revisions to the escrow exemption threshold in the case of higher-priced loans make two changes: The exemption threshold for creditors and their affiliates that regularly extend covered transactions secured by first liens is adjusted to $2.336 billion from $2.230 billion as of Jan. 1; for an insured depository institution or insured credit union, the asset-size exemption threshold will rise from $10 billion to $10.473 billion.