This new rule, effective July 1, 2020, will increase the permanent threshold for collecting and reporting data about closed-end mortgage loans from 25 to 100 loans. Likewise, the threshold for collecting and reporting data about open-end lines of credit has increased from 100 to 200, effective January 1, 2022.
For more information about these changes directly from the CFPB, please reference the links below:
The above statements do not reflect regulatory guidance from Asurity. Please consult your counsel for applicability of this guidance.
Learn more about the Goals Module and its key monitoring and reporting features.
Learn about the changes of state consumer protection and the responsibility of financial services institutions to pursue operational excellence and a culture of compliance.
Regulatory and technology experts discuss innovation, CRA reforms, and how single-close construction loans are reenergizing rural America.
