Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
Small-creditor asset threshold for escrow exemption adjusted
The CFPB has published in today's Federal Register a final rule making an inflation adjustment to the asset-size threshold for certain creditors to qualify for an exemption from the requirement to establish an escrow account for a higher-priced mortgage loan under section 1026.35 of Regulation Z. The threshold is adjusted, effective January 1, 2021, to $2.230 billion from $2.202 billion. Therefore, creditors with assets of less than $2.230 billion (including assets of certain affiliates) as of December 31, 2020, will be exempt, if other requirements of section 1026.35(b)(2)(iii) of Regulation Z are also met, from establishing escrow accounts for higher-priced mortgage loans in 2021. The change is effective January 1, 2021.
The BankersOnline Regulations page for Regulation Z § 1026.35 and its Official Interpretations has been updated, noting and correcting an error in the published rule.