HB2268 mandates mortgage loan servicers to pay interest to borrowers on escrow account funds starting January 1, 2027.

HB2268 introduces requirements for mortgage loan servicers in Washington state. It mandates that servicers pay interest at a rate of at least two percent simple interest per annum on funds held in escrow accounts for residential mortgage loans secured by one to four unit properties. The bill prohibits servicers from imposing fees that would result in an interest rate lower than the mandated rate. This requirement applies to loans executed on or after January 1, 2027. The bill also defines terms such as "mortgage loan servicer" and "residential mortgage loan.

HB2268 mandates mortgage loan servicers to pay interest to borrowers on escrow account funds starting January 1, 2027.

HB2268 introduces requirements for mortgage loan servicers in Washington state. It mandates that servicers pay interest at a rate of at least two percent simple interest per annum on funds held in escrow accounts for residential mortgage loans secured by one to four unit properties. The bill prohibits servicers from imposing fees that would result in an interest rate lower than the mandated rate. This requirement applies to loans executed on or after January 1, 2027. The bill also defines terms such as "mortgage loan servicer" and "residential mortgage loan.