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#784850 - 07/27/07 06:53 PM Escrow Accts - Interest Req'd?
Lavender Offline
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Lavender
Joined: Jun 2003
Posts: 335
Are there any requirements that we pay interest (or the like ) on any of our escrow accounts (e.g., any regulators require or some other entity)?

Thanks.
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Lending Compliance
#784859 - 07/27/07 06:57 PM Re: Escrow Accts - Interest Req'd? Lavender
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
That is a state law issue. IN does not require interest on escrow accounts, but I believe IL does (not for sure about IL but I think I've read that somewhere before in the threads).
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#784924 - 07/27/07 07:18 PM Re: Escrow Accts - Interest Req'd? Dan Persfull
Lavender Offline
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Lavender
Joined: Jun 2003
Posts: 335
But nothing required by the Federal Regulators or FNMA, etc.? Thanks.
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#785228 - 07/27/07 10:27 PM Re: Escrow Accts - Interest Req'd? Lavender
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
Strictly State law.
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