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#1230928 - 08/11/09 04:49 PM Interest on escrows
mzachau, CRCM Offline
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mzachau, CRCM
Joined: Oct 2006
Posts: 470
San Francisco
Does WA State law require lenders to pay interest on escrow accounts? If yes, what is the percentage?

I tried looking through DFI but could not find anything. Where did you find this state law?

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#1231319 - 08/12/09 03:28 AM Re: Interest on escrows mzachau, CRCM
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,637
Galveston, TX
What is your charter. An OTS or OCC charter preempts any such State requirements.
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#1231843 - 08/12/09 09:44 PM Re: Interest on escrows rlcarey
RFitzpatrick Offline
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RFitzpatrick
Joined: Apr 2002
Posts: 424
Pacific NW
Are you discussing IOLTA accounts?

There are certain rules, but no set rate that must be paid. Try looking around at

http://www.legalfoundation.org/
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#1232443 - 08/13/09 08:11 PM Re: Interest on escrows RFitzpatrick
mzachau, CRCM Offline
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mzachau, CRCM
Joined: Oct 2006
Posts: 470
San Francisco
Not IOLTA accounts. We have a State Charter. The question was in regards to HPML and the requirement of escrow accounts for a minimum of 365 days. Our concern was that although there was not a Federal requirement WA State may require interest to be paid on escrow balances if the lender required the borrower to set-up escrow for taxes and insurance. After further research and contact with WA DFI, WA State does not require lenders to pay interest on escrow accounts.

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