December 28, 2015
By Bob Coleman
Editor, Main Street Monday
Main Street Monday — CPFB New Database Defines Rural and Underserved Loans
You might find this database useful to document your rural or underserved market loans.
Simply enter the address, and you receive an immediate determination.
The CFPB says a creditor may rely on this tool to provide a safe harbor determination that a property is located in a rural or underserved area.
Note this tool does not replace rural eligibility determination for USDA b&i loans.
Also, as this is a new database, SBA does not yet officially recognize the tool in its definition of underserved markets.