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BankersOnline.com Forums State-Specific Compliance Issues Wisconsin Escrow - payment on property taxes
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#1419539 - 07/23/10 07:41 PM Escrow - payment on property taxes
Scooter Offline
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Scooter
Joined: Sep 2002
Posts: 216
Michigan
Did WI recently have a new escrow provision go into effect that gives the customer the option of receiving a check for the payment of property taxes?

If so, where can I read up on the requirements?

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#1419661 - 07/25/10 03:02 AM Re: Escrow - payment on property taxes Scooter
Truffle Royale Offline

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Posts: 17,400
Not recently at all. I'm not at work where my form is that says this so I just Googled:

Quote:
As a Wisconsin mortgagor with an escrow account, you have three options as to how you would like your property taxes
paid, according to 1987 Wisconsin Act 360.
In order to comply with this regulation and your wishes, it is imperative that you notify us of the option you would like to
exercise. Please check one of the following options listed below
Option 1: The mortgage company disburses twelve months of your property tax escrow via a check payable
to both yourself and the local tax collector, by December 18. You then use the check to pay the
taxes directly to the treasurer by December 31.
Option 2: The mortgage company pays your property taxes directly to your tax collector by December 31.
Option 3: The mortgage company pays your property taxes directly to your tax collector when due

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#1419700 - 07/26/10 12:22 PM Re: Escrow - payment on property taxes Truffle Royale
Scooter Offline
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Scooter
Joined: Sep 2002
Posts: 216
Michigan
Thank you Truffle.

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#2102032 - 10/06/16 01:18 PM Re: Escrow - payment on property taxes Scooter
#Just Jay Online
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#Just Jay
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
Tagging onto this... has anyone in a recent exam been directed to further amend the third option to specify when those due dates are, per municipality where the security is? They state that it is a RESPA requirement, and I see and understand in RESPA where yes you would have to pay per the local schedule if the borrower opts for the third choice, but I am not seeing where it is a logical step to actually dictate those terms on this disclosure.
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#2102048 - 10/06/16 02:12 PM Re: Escrow - payment on property taxes Scooter
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,400
We heard a rumble on this but it wasn't pushed too hard.
The form doesn't lend itself to adding specific dates and the dates can fluctuate.
I'm hoping that WBA will look into the issue and fight this battle for us if necessary.
Either that or give us a new form. crazy

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#2157124 - 12/13/17 05:39 PM Re: Escrow - payment on property taxes Scooter
Truffle Royale Offline

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Posts: 17,400
Bringing this back up to ask if a nationally chartered bank has the ability to disregard WI Act 360 and arbitrarily decide when taxes will be paid. Specific example: Big Bank decides all WI taxes will be paid on in full on 12/20 of each year. Does preemption give them this right?

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#2157144 - 12/13/17 06:40 PM Re: Escrow - payment on property taxes Scooter
DoS Offline
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DoS
Joined: Apr 2012
Posts: 264
one state over
personal experience (did not do any research), I was provided with the form asking when/how to pay taxes from escrow from the nationally chartered, large bank that holds my mortgage. Again I didn't do any research but if anyone would take advantage of a preemption, this bank would.
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#2157155 - 12/13/17 07:27 PM Re: Escrow - payment on property taxes Scooter
Truffle Royale Offline

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Me too, DoS. But this came up in a meeting so I'm wondering if it was out of someone's hat or did/could really happen.
Anyone know for sure?

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