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Federal Register / Vol. 86, No. 30 / Wednesday, February 17, 2021 / Rules and Regulations
Authority: 12 U.S.C. 2601, 26032605, 2607, 2609, 2617, 3353, 5511, 5512, 5532, 5581; 15 U.S.C. 1601 et seq.

Subpart ESpecial Rules for Certain Home Mortgage Transactions 2. Amend 1026.35 by:
a. Adding paragraphs a3 and 4;
b. Revising paragraphs b2iiiD1, ivA, and v; and c. Adding paragraph b2vi.
The additions and revisions read as follows:

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1026.35 Requirements for higher-priced mortgage loans.

a
3 Insured credit union has the meaning given in Section 101 of the Federal Credit Union Act 12 U.S.C.
1752.
4 Insured depository institution has the meaning given in Section 3 of the Federal Deposit Insurance Act 12
U.S.C. 1813.
b
2
iii
D
1 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; or

iv
A An area is rural during a calendar year if it is:
1 A county that is neither in a metropolitan statistical area nor in a micropolitan statistical area that is adjacent to a metropolitan statistical area, as those terms are defined by the U.S. Office of Management and Budget and as they are applied under currently applicable Urban Influence Codes UICs, established by the United States Department of Agricultures Economic Research Service USDAERS; or 2 A census block that is not in an urban area, as defined by the U.S.
Census Bureau using the latest decennial census of the United States.

v Notwithstanding paragraphs b2iii and vi of this section, an escrow account must be established pursuant to paragraph b1 of this section for any first-lien higher-priced mortgage loan that, at consummation, is subject to a commitment to be acquired by a person that does not satisfy the conditions in paragraph b2iii or vi of this section, unless otherwise exempted by this paragraph b2.
vi Except as provided in paragraph b2v of this section, an escrow account need not be established for a
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transaction made by a creditor that is an insured depository institution or insured credit union if, at the time of consummation:
A As of the preceding December 31st, or, if the application for the transaction was received before April 1
of the current calendar year, as of either of the two preceding December 31sts, the insured depository institution or insured credit union had assets of $10,000,000,000 or less, adjusted annually for inflation using the Consumer Price Index for Urban Wage Earners and Clerical Workers, not seasonally adjusted, for each 12-month period ending in November see comment 35b2viA1 for the applicable threshold;
B During the preceding calendar year, or, if the application for the transaction was received before April 1
of the current calendar year, during either of the two preceding calendar years, the creditor and its affiliates, as defined in 1026.32b5, together extended no more than 1,000 covered transactions secured by a first lien on a principal dwelling; and C The transaction satisfies the criteria in paragraphs b2iiiA and D of this section.

3. Amend supplement I to part 1026
by:
a. Under Section 1026.35
Requirements for Higher-Priced Mortgage Loans:
i. Revising paragraph 35b2iii;
ii. Adding paragraphs 35b2iiiD1 and 35b2iiiD2;
iv. Revising paragraphs 35b2iv and 35b2v;
vi. Adding paragraphs 35b2vi and 35b2viA.
b. Under Section 1026.43Minimum Standards for Transactions Secured by a Dwelling, revising paragraph 43f1vi.
The revisions and additions read as follows:
Supplement I to Part 1026Official Interpretations

Section 1026.35Requirements for Higher-Priced Mortgage Loans

35b Escrow Accounts

35b2 Exemptions

Paragraph 35b2iii.
1. Requirements for exemption. Under 1026.35b2iii, except as provided in 1026.35b2v, a creditor need not
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establish an escrow account for taxes and insurance for a higher-priced mortgage loan, provided the following four conditions are satisfied when the higher-priced mortgage loan is consummated:
i. During the preceding calendar year, or during either of the two preceding calendar years if the application for the loan was received before April 1 of the current calendar year, a creditor extended a first-lien covered transaction, as defined in 1026.43b1, secured by a property located in an area that is either rural or underserved, as set forth in 1026.35b2iv.
A. In general, whether the rural-orunderserved test is satisfied depends on the creditors activity during the preceding calendar year. However, if the application for the loan in question was received before April 1 of the current calendar year, the creditor may instead meet the rural-or-underserved test based on its activity during the next-to-last calendar year. This provides creditors with a grace period if their activity meets the rural-or-underserved test in 1026.35b2iiiA in one calendar year but fails to meet it in the next calendar year.
B. A creditor meets the rural-orunderserved test for any higher-priced mortgage loan consummated during a calendar year if it extended a first-lien covered transaction in the preceding calendar year secured by a property located in a rural-or-underserved area. If the creditor does not meet the rural-orunderserved test in the preceding calendar year, the creditor meets this condition for a higher-priced mortgage loan consummated during the current calendar year only if the application for the loan was received before April 1 of the current calendar year and the creditor extended a first-lien covered transaction during the next-to-last calendar year that is secured by a property located in a rural or underserved area. The following examples are illustrative:
1. Assume that a creditor extended during 2016 a first-lien covered transaction that is secured by a property located in a rural or underserved area.
Because the creditor extended a firstlien covered transaction during 2016
that is secured by a property located in a rural or underserved area, the creditor can meet this condition for exemption for any higher-priced mortgage loan consummated during 2017.
2. Assume that a creditor did not extend during 2016 a first-lien covered transaction secured by a property that is located in a rural or underserved area.
Assume further that the same creditor
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