Good Morning,

I am new to the escrow laws for Wisconsin, but I recently became aware of the requirement to offer payment options:
1) send check to the borrower made out to the tax authority
2) send check to borrower
3)send check directly to the tax authority

Here are my main questions.

1) This only applies to taxes right? Hazard and flood escrow payments can be sent directly to the insurance company with no option given to the borrower?

2) Do these rules only apply when taxes are required to be escrowed (HPML loans)?

Thank you for any additional insight. I just want to make sure that I do not over-complicate my understanding of this law

From what I understand it only applies to taxes not insurance

it applies to all consumer escrow accounts not just HPML

I believe I am correct but am willing to be corrected by someone who knows better

Thank you for your feedback! Much appreciated

Review:

138.052  Residential mortgage loans.

https://docs.legis.wisconsin.gov/statutes/statutes/138/052/8