WBK Industry News - Federal Regulatory Developments

CFPB Releases Rural and Underserved Properties Tool

The CFPB has launched a new online tool to help creditors determine whether properties are located in a rural or underserved area.  Creditors may rely on the tool to provide a safe harbor determination under Regulation Z that a specific property securing a mortgage loan is located in a rural or underserved area.  The tool permits users to select a year and enter a property address to check the status of a property location.  Users can also use the tool to search for up to 250 properties at a time by uploading a Comma Separated Values (CSV) template.

The tool is located at:  http://www.consumerfinance.gov/rural-or-underserved-tool/.