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Federal Register / Vol. 86, No. 30 / Wednesday, February 17, 2021 / Rules and Regulations
with 1026.25, including determinations of whether a property is in a rural or underserved area as defined in 1026.35b2ivA and B.
2. Examples. i. An area is considered rural for a given calendar year based on the most recent available UIC
designations by the USDAERS and the most recent available delineations of urban areas by the U.S. Census Bureau that are available at the beginning of the calendar year. These designations and delineations are updated by the USDA
ERS and the U.S. Census Bureau respectively once every ten years. As an example, assume a creditor makes firstlien covered transactions in Census Block X that is located in County Y
during calendar year 2017. As of January 1, 2017, the most recent UIC
designations were published in the second quarter of 2013, and the most recent delineation of urban areas was announced in the Federal Register in 2012, see U.S. Census Bureau, Qualifying Urban Areas for the 2010
Census, 77 FR 18652 Mar. 27, 2012. To determine whether County Y is rural under the Bureaus definition during calendar year 2017, the creditor can use USDAERSs 2013 UIC designations. If County Y is not rural, the creditor can use the U.S. Census Bureaus 2012
delineation of urban areas to determine whether Census Block X is rural and is therefore a rural area for purposes of 1026.35b2ivA.
ii. A county is considered an underserved area for a given calendar year based on the most recent available HMDA data. For example, assume a creditor makes first-lien covered transactions in County Y during calendar year 2016, and the most recent HMDA data are for calendar year 2015, published in the third quarter of 2016.
The creditor will use the 2015 HMDA
data to determine underserved area status for County Y in calendar year 2016 for the purposes of qualifying for the rural or underserved exemption for any higher-priced mortgage loans consummated in calendar year 2017 or for any higher-priced mortgage loan consummated during 2018 for which the application was received before April 1, 2018.
Paragraph 35b2v.
1. Forward commitments. A creditor may make a mortgage loan that will be transferred or sold to a purchaser pursuant to an agreement that has been entered into at or before the time the loan is consummated. Such an agreement is sometimes known as a forward commitment. Even if a creditor is otherwise eligible for an exemption in 1026.35b2iii or 1026.35b2vi, a first-lien higher-

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priced mortgage loan that will be acquired by a purchaser pursuant to a forward commitment is subject to the requirement to establish an escrow account under 1026.35b1 unless the purchaser is also eligible for an exemption in 1026.35b2iii or 1026.35b2vi, or the transaction is otherwise exempt under 1026.35b2.
The escrow requirement applies to any such transaction, whether the forward commitment provides for the purchase and sale of the specific transaction or for the purchase and sale of mortgage obligations with certain prescribed criteria that the transaction meets. For example, assume a creditor that qualifies for an exemption in 1026.35b2iii or 1026.35b2vi makes a higher-priced mortgage loan that meets the purchase criteria of an investor with which the creditor has an agreement to sell such mortgage obligations after consummation. If the investor is ineligible for an exemption in 1026.35b2iii or 1026.35b2vi, an escrow account must be established for the transaction before consummation in accordance with 1026.35b1 unless the transaction is otherwise exempt such as a reverse mortgage or home equity line of credit.
Paragraph 35b2vi.
1. For guidance on applying the grace periods for determining asset size or transaction thresholds under 1026.35b2viA, B and C, the rural or underserved requirement, or other aspects of the exemption in 1026.35b2vi not specifically discussed in the commentary to 1026.35b2vi, an insured depository institution or insured credit union may refer to the commentary to 1026.35b2iii, while allowing for differences between the features of the two exemptions.
Paragraph 35b2viA.
1. The asset threshold in 1026.35b2viA will adjust 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.
Unlike the asset threshold in 1026.35b2iii and the other thresholds in 1026.35b2vi, affiliates are not considered in calculating compliance with this threshold. The Bureau will publish notice of the asset threshold each year by amending this comment. For calendar year 2021, the asset threshold is $10,000,000,000. A creditor that during calendar year 2020 had assets of
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$10,000,000,000 or less on December 31, 2020, satisfies this criterion for purposes of any loan consummated in 2021 and for purposes of any loan secured by a first lien on a principal dwelling of a consumer consummated in 2022 for which the application was received before April 1, 2022.
Paragraph 35b2viB.
1. The transaction threshold in 1026.35b2viB differs from the transaction threshold in 1026.35b2iiiB in two ways. First, the threshold in 1026.35b2viB is 1,000 loans secured by first liens on a principal dwelling, while the threshold in 1026.35b2iiiB is 2,000 loans secured by first liens on a dwelling.
Second, all loans made by the creditor and its affiliates secured by a first lien on a principal dwelling count toward the 1,000-loan threshold in 1026.35b2viB, whether or not such loans are held in portfolio. By contrast, under 1026.35b2iiiB, only loans secured by first liens on a dwelling that were sold, assigned, or otherwise transferred to another person, or that were subject at the time of consummation to a commitment to be acquired by another person, are counted toward the 2,000-loan threshold.

Section 1026.43Minimum Standards for Transactions Secured by a Dwelling

43f Balloon-Payment Qualified Mortgages Made by Certain Creditors

43f1 Exemption

Paragraph 43f1vi.
1. Creditor qualifications. Under 1026.43f1vi, to make a qualified mortgage that provides for a balloon payment, the creditor must satisfy three criteria that are also required under 1026.35b2iiiA, B and C, which require:
i. During the preceding calendar year or during either of the two preceding calendar years if the application for the transaction was received before April 1
of the current calendar year, the creditor extended a first-lien covered transaction, as defined in 1026.43b1, on a property that is located in an area that is designated either rural or underserved, as defined in 1026.35b2iv, to satisfy the requirement of 1026.35b2iiiA
the rural-or-underserved test. Pursuant to 1026.35b2iv, an area is considered to be rural if it is: A county that is neither in a metropolitan statistical area, nor a micropolitan
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