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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.
Explore RiskExec's full suite advantages and the many benefits of our flexible, easy-to-use browser-based SaaS solution for all lending portfolios.