Learn More - Click Here!

Thread Options
#1946290 - 07/28/14 01:14 PM Residential Escrow
lrocha Offline
New Poster
Joined: Mar 2011
Posts: 23
Does anyone know in New York are we required to put Residential Escrow in an interest bearing account? We are a National Bank. Thanks

Return to Top
#1951663 - 08/11/14 07:10 PM Re: Residential Escrow lrocha
Soccer Offline
Diamond Poster
Joined: Jan 2010
Posts: 1,001
Utopia
Interest Rate (and period to which applicable):
2% per year. [NY Gen. Oblig. Law 5-601.] See http://public.leginfo.state.ny.us/menugetf.cgi.
_________________________
Everything happens for a reason

Return to Top
#2005731 - 04/01/15 09:52 PM Re: Residential Escrow lrocha
Janu Offline
Junior Member
Joined: Jul 2014
Posts: 25
Tennessee
Can someone advise if a mortgagor is delinquent or in default, is the mortgage servicer still required to pay interest on the escrow account?

Return to Top
#2005741 - 04/01/15 11:00 PM Re: Residential Escrow lrocha
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 76,433
Galveston, TX
I see no such exception.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2005791 - 04/02/15 02:04 PM Re: Residential Escrow lrocha
Janu Offline
Junior Member
Joined: Jul 2014
Posts: 25
Tennessee
Thank you, I wanted to be sure I didn't miss anything.

Return to Top
#2208839 - 03/15/19 03:18 PM Re: Residential Escrow lrocha
Kompliance Offline
Junior Member
Joined: Aug 2012
Posts: 44
Pennsylvania
We are a bank chartered in the state of Pennsylvania with branches and collateral in the state of NY. Does anyone know is this escrow requirement refers to the collateral, the borrower, or the branch that originated it is in the state of New York?

For example, a PA state resident purchases a second home in NY, or a New York resident purchases a second home in PA.

Thank you!

Return to Top
#2208842 - 03/15/19 03:38 PM Re: Residential Escrow lrocha
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 76,433
Galveston, TX
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top