Mortgage Escrow Account Rules Could Mean Borrowers Are Owed Interest

Mortgage Escrow Account Rules Could Mean Borrowers Are Owed Interest

A new class action lawsuit filed in U.S. District Court for the Eastern District of New York on Aug. 7, 2018 alleges that Bank of America routinely ignores mortgage escrow account rules. Plaintiff Alex C. is a citizen of New York State and a resident of Queens Village. He is seeking to hold the financial giant accountable for their alleged failure to pay interest on escrow accounts that are often a condition of receiving financing for a...

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Section 5-601 Interest on deposits in escrow with mortgage investing institutions

Section 5-601 Interest on deposits in escrow with mortgage investing institutions

Interest on deposits in escrow with mortgage investing institutions. Any mortgage investing institution which maintains an escrow account pursuant to any agreement executed in connection with a mortgage on any one to six family residence occupied by the owner or on any property owned by a cooperative apartment corporation, as defined in subdivision twelve of section three hundred sixty of the tax law, (as such subdivision was in effect on...

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Third of Agents Have Felt Unsafe on the Job

Third of Agents Have Felt Unsafe on the Job

September is REALTOR® Safety Month, and data from the National Association of REALTORS®’ recently released 2017 Member Safety Report shows that 38 percent of members have experienced a situation that made them fear for their personal safety or the safety of their personal information. Common situations that caused fear included open houses, vacant and model homes, properties that were unlocked or unsecured, and properties in remote...

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Funding for real estate challenger Spruce shows New York’s startup scene is thriving

Funding for real estate challenger Spruce shows New York’s startup scene is thriving

Spruce, a new startup looking to speed up the mortgage-closing process, has raised $4.5 million in its Series A financing from Bessemer Venture Partners, Omidyar Network and Third Prime Capital, along with a slew of private angel investors. Founded by two former employees of the robo-advisory wealth management company Betterment, the new startup is notable for a few reasons. First, it’s yet another startup launching to tackle the real estate...

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Freelancer.com announces the acquisition of Escrow.com

Freelancer.com announces the acquisition of Escrow.com

Freelancer.com and Escrow.com’s expertise in marketplaces and secure online payments an excellent strategic fit Reported in SYDNEY, Australia April 27, 2015 Freelancer.com, the world’s largest freelancing and crowdsourcing marketplace, today announced that it had entered into a definitive agreement to acquire Escrow.com. Is now under offer again from a unknown sauce, insiders are reporting. Headquartered in Rancho Santa Margarita,...

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How do buyers and sellers spell relief? E-S-C-R-O-W

How do buyers and sellers spell relief? E-S-C-R-O-W

Where did the term “opening escrow” come from? Is it a box, like Pandora’s, that some person with a special designation has to open for your home sale to move forward? Does it require a magic wand or an Etch A Sketch? I’ve only been a Realtor since 2001, so I may have missed the origination of this reference. As far as I’ve ever known, opening escrow means sending the fully executed contract to the designated escrow company and waiting...

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