Interest on Escrow

Jonathan Foxx, Ph.D., MBA
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Recently, a Chief Compliance Officer at a large financial services institution, a national bank, told me that he had received a call from a borrower who lives in California. The borrower contended that this financial institution should be paying him interest on his mortgage escrow account. The compliance officer was concerned about how this request should be met under Dodd-Frank.

After getting some facts regarding the institution’s regulatory framework, I offered the following guidance.

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Jonathan Foxx, Ph.D., MBA
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