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Federal Register / Vol. 86, No. 244 / Thursday, December 23, 2021 / Rules and Regulations
B. Regulatory Flexibility Act Because no notice of proposed rulemaking is required, the Regulatory Flexibility Act does not require an initial or final regulatory flexibility analysis.7
C. Paperwork Reduction Act The Bureau has determined that this final rule does 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 approval by the Office of Management and Budget under the Paperwork Reduction Act.8
D. Congressional Review Act Pursuant to the Congressional Review Act 5 U.S.C. 801 et seq., the Bureau will submit a report containing this rule and other required information to the United States Senate, the United States House of Representatives, and the Comptroller General of the United States prior to the rule taking effect. The Office of Information and Regulatory Affairs OIRA has designated this rule as not a major rule as defined by 5
U.S.C. 8042.
E. Signing Authority The Associate Director for Research, Markets and Regulations, Janis K.
Pappalardo having reviewed and approved this document, is delegating the authority to electronically sign this document to Laura Galban, a Bureau Federal Register Liaison, for purposes of publication in the Federal Register.
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.
Authority and Issuance For the reasons set forth above, the Bureau amends Regulation Z, 12 CFR
part 1026, as set forth below:
PART 1026TRUTH IN LENDING
REGULATION Z
1. The authority citation for part 1026
continues to read as follows:

jspears on DSK121TN23PROD with RULES1

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

2. In supplement I to part 1026, under Section 1026.35Requirements for Higher-Priced Mortgage Loans, 35b2

75

U.S.C. 603a, 604a.
U.S.C. 35013521.

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Exemptions, Paragraphs 35b2iii and viA1 are revised to read as follows:
Supplement I to Part 1026Official Interpretations

Subpart ESpecial Rules for Certain Home Mortgage Transactions

Section 1026.35Requirements for HigherPriced Mortgage Loans

35b2 Exemptions.

Paragraph 35b2iii.
1. Requirements for exemption. Under 1026.35b2iii, except as provided in 1026.35b2v, a creditor need not 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-orunderserved 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 ruralor-underserved area. If the creditor does not meet the rural-or-underserved 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 first-lien covered transaction during 2016 that is secured by a property located in a rural or underserved area, the creditor can meet this condition for
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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 extended during 2015
a first-lien covered transaction that is located in a rural or underserved area. Assume further that the creditor consummates a higher-priced mortgage loan in 2017 for which the application was received in November 2017. Because the creditor did not extend during 2016 a first-lien covered transaction secured by a property that is located in a rural or underserved area, and the application was received on or after April 1, 2017, the creditor does not meet this condition for exemption. However, assume instead that the creditor consummates a higher-priced mortgage loan in 2017 based on an application received in February 2017.
The creditor meets this condition for exemption for this loan because the application was received before April 1, 2017, and the creditor extended during 2015
a first-lien covered transaction that is located in a rural or underserved area.
ii. The creditor and its affiliates together extended no more than 2,000 covered transactions, as defined in 1026.43b1, secured by first liens, that were sold, assigned, or otherwise transferred by the creditor or its affiliates to another person, or that were subject at the time of consummation to a commitment to be acquired by another person, 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. For purposes of 1026.35b2iiiB, a transfer of a first-lien covered transaction to another person includes a transfer by a creditor to its affiliate.
A. In general, whether this condition is satisfied depends on the creditors activity during the preceding calendar year. However, if the application for the loan in question is received before April 1 of the current calendar year, the creditor may instead meet this condition based on activity during the next-to-last calendar year. This provides creditors with a grace period if their activity falls at or below the threshold in one calendar year but exceeds it in the next calendar year.
B. For example, assume that in 2015 a creditor and its affiliates together extended 1,500 loans that were sold, assigned, or otherwise transferred by the creditor or its affiliates to another person, or that were subject at the time of consummation to a commitment to be acquired by another person, and 2,500 such loans in 2016.
Because the 2016 transaction activity exceeds the threshold but the 2015 transaction activity does not, the creditor satisfies this condition for exemption for a higher-priced mortgage loan consummated during 2017 if the creditor received the application for the loan before April 1, 2017, but does not satisfy this condition for a higher-priced mortgage loan consummated during 2017 if the application for the loan was received on or after April 1, 2017.

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