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Federal Register / Vol. 86, No. 105 / Thursday, June 3, 2021 / Rules and Regulations
did not appear in a subsequently effective final rule. In the Escrow Exemption Rule, the Bureau amended preexisting Paragraph 43f1vi. This amended comment was incorporated into the CFR on the February 17, 2021
effective date of the Escrow Exemption Rule; however, an unamended version of the preexisting comment was included in the Bureaus final rule titled Qualified Mortgage Definition Under the Truth in Lending Act General QM
Loan Definition General QM Rule 85 FR 86308. The General QM Rule was published in the Federal Register on December 29, 2020, but it did not take effect until March 1, 2021.2 The unamended version of the preexisting comment therefore inadvertently replaced the amended version when the General QM Rule was incorporated into the CFR. The Bureau is therefore issuing this correction to ensure that the CFR
contains the intended version of this comment that the Bureau amended in the Escrow Exemption Final Rule.
Regulatory Requirements: The Bureau finds that public comment on this correction is unnecessary because the Bureau is correcting inadvertent, technical errors, about which there is minimal, if any, basis for substantive disagreement. Because no notice of proposed rulemaking is required, the Regulatory Flexibility Act does not require an initial or final regulatory flexibility analysis.3 The Bureau has determined that these corrections do not impose any new or revise any existing recordkeeping, reporting, or disclosure requirements on covered entities or members of the public that would be collections of information requiring OMB approval under the Paperwork Reduction Act.4
List of Subjects in 12 CFR Part 1026
Advertising, Banks, banking, Consumer protection, Credit, Credit unions, Mortgages, National Banks, Reporting and recordkeeping requirements, Savings associations, Truth-in-lending.

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For the reasons set forth in the preamble, the Bureau amends Regulation Z, 12 CFR part 1026, as set forth below:
amending commentary, the Office of the Federal Register requires reprinting of certain subsections being amended in their entirety rather than providing more targeted amendatory instructions and related text.
3 5 U.S.C. 603a and 604a.
4 44 U.S.C. 3501 et seq.

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1. The authority citation for part 1026
continues to read as follows:

Authority: 12 U.S.C. 2601, 26032605, 2607, 2609, 2617, 3353, 5511, 5512, 5532, 5581; 15 U.S.C. 1601 et seq.

2. Amend supplement I to part 1026
Official Interpretations by:
a. Adding Paragraph 35b2viB;
and b. Revising Paragraph 43f1vi.
The addition and revision read as follows:

Supplement I to Part 1026Official Interpretations

Section 1026.35Requirements for Higher-Priced Mortgage Loans

35b Escrow Accounts

35b2 Exemptions

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
Authority and Issuance
2 When
PART 1026TRUTH IN LENDING
REGULATION Z

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
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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 statistical area adjacent to a metropolitan statistical area, as those terms are defined by the U.S. Office of Management and Budget; or 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. An area is considered to be underserved during a calendar year if, according to HMDA data for the preceding calendar year, it is a county in which no more than two creditors extended covered transactions secured by first liens on properties in the county five or more times.
A. The Bureau determines annually which counties in the United States are rural or underserved as defined by 1026.35b2ivA1 or 1026.35b2ivB and publishes on its public website lists of those counties to assist creditors in determining whether they meet the criterion at 1026.35b2iiiA. Creditors may also use an automated tool provided on the Bureaus public website to determine whether specific properties are located in areas that qualify as rural or underserved according to the definitions in 1026.35b2iv for a particular calendar year. In addition, the U.S. Census Bureau may also provide on its public website an automated address search tool that specifically indicates if a property address is located in an urban area for purposes of the Census Bureaus most recent delineation of urban areas. For any calendar year that begins after the date on which the Census Bureau announced its most recent delineation of urban areas, a property is located in an area that qualifies as rural according to the definitions in 1026.35b2iv if the search results provided for the property by any such automated address search tool available on the Census Bureaus public website
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