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#42065 - 11/08/02 11:05 PM Paying Interest on Escrow Accounts
homestar Offline
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Joined: Feb 2001
Posts: 2,245
US of A
OK, I admit I'm taking the easy way out, but can anyone tell me whether a bank operating in Texas is required to pay interest on mortgage escrow accounts?

If so, would you please give a cite, too?

THANKS!
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#42066 - 11/11/02 02:33 AM Re: Paying Interest on Escrow Accounts
Andy_Z Offline
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I can tell you. We are not required.
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#42067 - 11/12/02 01:40 PM Re: Paying Interest on Escrow Accounts
homestar Offline
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US of A
Thanks for the info, Andy.
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#42068 - 11/12/02 04:00 PM Re: Paying Interest on Escrow Accounts
zaibatsu Offline
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Joined: Jun 2001
Posts: 6,153
No, but watch this space. The legislature convenes in January and I expect it to at least be considered. Whether a bill is actually filed, who knows. And if it is, who knows how far it will go. I do not know the past history of this, but I imagine it has been proposed before.
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#42069 - 11/12/02 04:08 PM Re: Paying Interest on Escrow Accounts
rlcarey Offline
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Galveston, TX
Z - You can't really imagine this making it through all branches of the Texas legislature this year considering which party now controls all branches do you? I don't think consumer protection is going to be high on the priority list.
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#42070 - 11/12/02 04:11 PM Re: Paying Interest on Escrow Accounts
zaibatsu Offline
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Posts: 6,153
No, and actually, the tiny bird that whispered in my ear that a legislator was looking into this did so prior to November 5th. So, it may be brought up, but if so, I expect it to die. That being said, remember this is Texas and anything is possible.
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#42071 - 11/12/02 04:57 PM Re: Paying Interest on Escrow Accounts
Andy_Z Offline
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I agree that it may be proposed and it wouldn't likely pass. But then again, maybe it gets added to some other law that is sure to pass....

While it would be a royal pain, at today's interest rates the cost of implementing such a requirement is where all the costs would be, especially for a small bank like mine. I'd gladly give up the escrows if there was some assurance the taxes and insurance would never be in arrears.
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AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#42072 - 07/15/05 07:49 PM Re: Paying Interest on Escrow Accounts
1 Peter 5:7 Offline
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1 Peter 5:7
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Posts: 1,339
TX
Has this ever become law in TX? Thanks.
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#42073 - 07/16/05 11:42 AM Re: Paying Interest on Escrow Accounts
rlcarey Offline
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Galveston, TX
No recent action of which I am aware.
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#2040479 - 09/24/15 09:31 PM Re: Paying Interest on Escrow Accounts homestar
Ninky Offline
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Ninky
Joined: Nov 2002
Posts: 357
Has anything changed in Texas since this last post? Where can I go to document my escrow project file that Texas does not require interest on escrows? Anyone know?

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#2040506 - 09/25/15 12:42 PM Re: Paying Interest on Escrow Accounts homestar
rlcarey Offline
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Galveston, TX
You can't prove a negative.
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