Public Notices
Department of Financial Institutions
Division of Banking
Notice of Interest Rate on Required
Residential Mortgage Loan Escrow Accounts For 2014
Under Section
138.052 (5) (a), Stats., with some exceptions, a bank, credit union, savings bank, savings and loan association, or mortgage banker, which originates a residential mortgage loan requiring an escrow account to assure the payment of taxes or insurance, shall pay interest on the outstanding principal of the escrow.
Section
138.052 (5) (am) 2., Stats., directs the division of banking to determine annually the required interest rate. The rate is based on the average of interest rates paid on regular passbook deposit accounts by institutions under the division of banking or office of credit unions' jurisdiction.
The Department of Financial Institutions, Division of Banking, has calculated the interest rate required to be paid on escrow accounts under Section
138.052 (5), Stats., to be 0.15
% for 2014. This interest rate shall remain in effect through December 31, 2014.
Contact Person
Mr. Michael J. Mach, Administrator
Department of Financial Institutions
Division of Banking
Telephone (608) 261-7578
