2016 rural or underserved counties lists now available
Changes to small creditor and rural definitions go into effect January 1
On 9/21, we issued a rule that will increase the number of financial institutions that are able to offer certain types of mortgages in rural and underserved areas. The rule also gives small creditors time to adjust their business practices to comply with the new rules.
If, after reviewing the resources on the Regulatory Implementation page and the related regulation(s) and commentary, you have a question regarding regulatory interpretation, please email CFPB_reginquiries@cfpb.gov with your specific question, including reference to the applicable regulation section(s).
Supervision and examination materials | Additional information for industry
Resources to help you comply
Downloadable compliance guides: plain-language guides to the new rules in a FAQ format which makes the content more accessible for industry constituents, especially smaller businesses with limited legal and compliance staff.
Quick reference charts
These charts offer an easy way to see which rules are likely to apply to certain products or businesses. These charts aren’t substitutes for the regulation text and official commentary, but they can give you an idea of where to start.
»Upcoming changes to definitions of Small Creditor & Rural Areas
»What is a Qualified Mortgage? – a basic guide for lenders.
»Small creditor qualified mortgages flowchart.
»Transaction coverage and exemptions for the 2013 mortgage origination rules.
»Comparison of the general Ability-to-Repay requirements with the requirements for originating Qualified Mortgage loans.
»Coverage of the Bureau’s 2013 mortgage servicing rules for loans and servicers.
Supervision and Examination materials
Our Supervision and Examination Manual is a guide to how we will supervise and examine consumer financial service providers under our jurisdiction for compliance with federal consumer financial law.
Our Readiness Guide provides guidelines for institutions to evaluate their readiness and help them comply with mortgage rule changes made through July 24, 2015.
Rural or underserved counties
Businesses that operate predominantly in rural or underserved counties are exempt from certain requirements.
Use consumerfinance.gov/guidance/#ruralunderserved to access lists of rural or underserved counties or tools that determine whether a property is location is such a county.
Lenders can use consumerfinance.gov/find-a-housing-counselor/ to meet RESPA requirements to generate a list of housing counseling agencies for each applicant.
Servicers can use consumerfinance.gov/mortgagehelp to meet servicing disclosure requirements to provide access to the HUD list of homeownership counselors and counseling organizations, as well as the website to access contact information for state housing finance authorities.
Booklets are available now for download and print orders.
Among other criteria, “qualified mortgages” generally must possess a total monthly debt-to-income ratio (DTI) of no more than 43 percent. Regulation Z’s appendix Q contains detailed requirements for determining the “debt” and “income” factors in the calculation.
Email comments about these implementation materials and this web page to CFPB_MortgageRulesImplementation@cfpb.gov. Your feedback is crucial to making these materials and this page as helpful as possible.
The Bureau’s implementation aids, including compliance guides, videos, and charts, do not represent official Bureau interpretations and should not be taken as legal advice.