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MortgageOrb: CFPB Increases Asset-Size Exemption Thresholds For Lenders
The Consumer Financial Protection Bureau (CFPB) has increased the asset-size exemption threshold for mortgage lenders under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). In addition, the bureau has increased the threshold for creditors to qualify for an exemption from the requirement to establish an escrow account for a higher-priced mortgage loan under Regulation Z, which implements the Truth in Lending Act (TILA).
Specifically, the CFPB has raised the threshold for lenders to be exempt from having to report HMDA data to $43 million. As a result, lending institutions with assets of $43 million or less are exempt from collecting HMDA data starting in 2014. Read more in MortgageOrb.