Now that mortgage rates are below double-digit levels and prospective home buyers are venturing into the market again, escrow is an important concept. Webster’s New World Dictionary defines it as, “A written agreement or something of value put in the care of a third party and not delivered until certain conditions are fulfilled.” Escrow applies to situations other than home purchases, of course, but it is during negotiations...Read More
May 28, 2016
Fair Oak Trustees takeover of Title Trustees Breaking News: Fair Oak Trustees takeover of Title Trustees. What does this mean for the industry when such a move is planned?
July 18, 2018
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 December thirtieth, nineteen hundred sixty), and located in this state shall, for each quarterly period in which such escrow account is established, credit the same with dividends or interest at a rate of not less than two per centum per year based on the average of the sums so paid for the average length of time on deposit or a rate prescribed by the superintendent of financial services pursuant to section fourteen-b of the banking law and pursuant to the terms and conditions set forth in that section whichever is higher. The superintendent of financial services shall prescribe by regulation the method or basis of computing any minimum rate of interest required by this section and any such minimum rate shall be a net rate over and above any service charge that may be imposed by any mortgage lending institution for maintaining an escrow account.