Homeowners’ Escrow Savings Act

This bill would require mortgage servicers that hold escrow accounts for federally related mortgage loans to pay interest to borrowers on the money in those accounts. The interest rate would be at least the weekly average yield on 1-year U.S. Treasury securities, calculated on the average daily balance each month. The interest would be credited to the escrow account when the servicer issues its annual escrow statement. The bill also requires escrow statements to be as accurate as possible and defines what tax changes servicers should anticipate. State laws requiring higher interest rates or different payment methods would not be overridden.

Full text and official record on Congress.gov

Sponsors

• Richard Blumenthal Democrat sponsor
• 1 cosponsors