Homeowners’ Escrow Savings Act amends the Real Estate Settlement Procedures Act of 1974 to require interest on escrow balances.

Homeowners’ Escrow Savings Act amends the Real Estate Settlement Procedures Act of 1974 to require interest on escrow balances. The interest rate must be at least the weekly average yield on 1-year United States Treasury securities, rounded to the nearest tenth of a percentage point. The interest is credited to the escrow account when the servicer issues the required statement. The bill also mandates that statements be as accurate as possible based on information reasonably known or accessible to the servicer.

Homeowners’ Escrow Savings Act amends the Real Estate Settlement Procedures Act of 1974 to require interest on escrow balances.

Homeowners’ Escrow Savings Act amends the Real Estate Settlement Procedures Act of 1974 to require interest on escrow balances. The interest rate must be at least the weekly average yield on 1-year United States Treasury securities, rounded to the nearest tenth of a percentage point. The interest is credited to the escrow account when the servicer issues the required statement. The bill also mandates that statements be as accurate as possible based on information reasonably known or accessible to the servicer.