Quiero saber acerca de...

jbell on DSKJLSW7X2PROD with RULES

9854

Federal Register / Vol. 86, No. 30 / Wednesday, February 17, 2021 / Rules and Regulations
if the creditor together with its affiliates that regularly extended first-lien covered transactions had total assets of less than the applicable asset threshold on December 31, 2015. A creditor that together with its affiliates that regularly extended first-lien covered transactions did not meet the applicable asset threshold on December 31, 2015
satisfies this criterion for a higherpriced mortgage loan consummated during 2016 if the application for the loan was received before April 1, 2016
and the creditor together with its affiliates that regularly extended firstlien covered transactions had total assets of less than the applicable asset threshold on December 31, 2014.
E. Under 1026.35b2iiiC, the $2,000,000,000 asset threshold adjusts automatically each year based on the year-to-year change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers, not seasonally adjusted, for each 12-month period ending in November, with rounding to the nearest million dollars.
The Bureau will publish notice of the asset threshold each year by amending this comment. For calendar year 2021, the asset threshold is $2,230,000,000. A
creditor that together with the assets of its affiliates that regularly extended first-lien covered transactions during calendar year 2020 has total assets of less than $2,230,000,000 on December 31, 2020, satisfies this criterion for purposes of any loan consummated in 2021 and for purposes of any loan consummated in 2022 for which the application was received before April 1, 2022. For historical purposes:
1. For calendar year 2013, the asset threshold was $2,000,000,000. Creditors that had total assets of less than $2,000,000,000 on December 31, 2012, satisfied this criterion for purposes of the exemption during 2013.
2. For calendar year 2014, the asset threshold was $2,028,000,000. Creditors that had total assets of less than $2,028,000,000 on December 31, 2013, satisfied this criterion for purposes of the exemption during 2014.
3. For calendar year 2015, the asset threshold was $2,060,000,000. Creditors that had total assets of less than $2,060,000,000 on December 31, 2014, satisfied this criterion for purposes of any loan consummated in 2015 and, if the creditors assets together with the assets of its affiliates that regularly extended first-lien covered transactions during calendar year 2014 were less than that amount, for purposes of any loan consummated in 2016 for which the application was received before April 1, 2016.

VerDate Sep<11>2014

15:56 Feb 16, 2021

Jkt 253001

4. For calendar year 2016, the asset threshold was $2,052,000,000. A
creditor that together with the assets of its affiliates that regularly extended first-lien covered transactions during calendar year 2015 had total assets of less than $2,052,000,000 on December 31, 2015, satisfied this criterion for purposes of any loan consummated in 2016 and for purposes of any loan consummated in 2017 for which the application was received before April 1, 2017.
5. For calendar year 2017, the asset threshold was $2,069,000,000. A
creditor that together with the assets of its affiliates that regularly extended first-lien covered transactions during calendar year 2016 had total assets of less than $2,069,000,000 on December 31, 2016, satisfied this criterion for purposes of any loan consummated in 2017 and for purposes of any loan consummated in 2018 for which the application was received before April 1, 2018.
6. For calendar year 2018, the asset threshold was $2,112,000,000. A
creditor that together with the assets of its affiliates that regularly extended first-lien covered transactions during calendar year 2017 had total assets of less than $2,112,000,000 on December 31, 2017, satisfied this criterion for purposes of any loan consummated in 2018 and for purposes of any loan consummated in 2019 for which the application was received before April 1, 2019.
7. For calendar year 2019, the asset threshold was $2,167,000,000. A
creditor that together with the assets of its affiliates that regularly extended first-lien covered transactions during calendar year 2018 had total assets of less than $2,167,000,000 on December 31, 2018, satisfied this criterion for purposes of any loan consummated in 2019 and for purposes of any loan consummated in 2020 for which the application was received before April 1, 2020.
8. For calendar year 2020, the asset threshold was $2,202,000,000. A
creditor that together with the assets of its affiliates that regularly extended first-lien covered transactions during calendar year 2019 had total assets of less than $2,202,000,000 on December 31, 2019, satisfied this criterion for purposes of any loan consummated in 2020 and for purposes of any loan consummated in 2021 for which the application was received before April 1, 2021.
iv. The creditor and its affiliates do not maintain an escrow account for any mortgage transaction being serviced by the creditor or its affiliate at the time the
PO 00000

Frm 00018

Fmt 4700

Sfmt 4700

transaction is consummated, except as provided in 1026.35b2iiiD1
and 2. Thus, the exemption applies, provided the other conditions of 1026.35b2iii or, if applicable, the conditions for the exemption in 1026.35b2vi are satisfied, even if the creditor previously maintained escrow accounts for mortgage loans, provided it no longer maintains any such accounts except as provided in 1026.35b2iiiD1 and 2. Once a creditor or its affiliate begins escrowing for loans currently serviced other than those addressed in 1026.35b2iiiD1 and 2, however, the creditor and its affiliate become ineligible for the exemptions in 1026.35b2iii and vi on higherpriced mortgage loans they make while such escrowing continues. Thus, as long as a creditor or its affiliate services and maintains escrow accounts for any mortgage loans, other than as provided in 1026.35b2iiiD1 and 2, the creditor will not be eligible for the exemption for any higher-priced mortgage loan it may make. For purposes of 1026.35b2iii and vi, a creditor or its affiliate maintains an escrow account only if it services a mortgage loan for which an escrow account has been established at least through the due date of the second periodic payment under the terms of the legal obligation.
Paragraph 35b2iiiD1.
1. Exception for certain accounts.
Escrow accounts established for firstlien higher-priced mortgage loans for which applications were received on or after April 1, 2010, and before June 17, 2021, are not counted for purposes of 1026.35b2iiiD. For applications received on and after June 17, 2021, creditors, together with their affiliates, that establish new escrow accounts, other than those described in 1026.35b2iiiD2, do not qualify for the exemptions provided under 1026.35b2iii and vi. Creditors, together with their affiliates, that continue to maintain escrow accounts established for first-lien higher-priced mortgage loans for which applications were received on or after April 1, 2010, and before June 17, 2021, still qualify for the exemptions provided under 1026.35b2iii and vi so long as they do not establish new escrow accounts for transactions for which they received applications on or after June 17, 2021, other than those described in 1026.35b2iiiD2, and they otherwise qualify under 1026.35b2iii or vi.
Paragraph 35b2iiiD2.
1. Exception for post-consummation escrow accounts for distressed
E:FRFM17FER1.SGM

17FER1