Oregon – Semi-Annual Escrow Rate Adjustment

ORS 86.245 requires that Oregon State lenders who require security protection in connection with a real estate loan to pay interest on funds in an escrow account of at least the discount rate.  The rate is adjusted semi-annually, and calculated on May 15 and November 15, and covers the following six-month period.  The discount rate is calculated by the most … Read More

Oregon – Semi-Annual Escrow Rate Adjustment

ORS 86.245 requires that Oregon State lenders who require security protection in connection with a real estate loan to pay interest on funds in an escrow account of at least the discount rate.  The rate is adjusted semiannually, and calculated on May 15 and November 15, and covers the following six-month period.  The discount rate is calculated by the most recent … Read More

CFPB releases rural and underserved areas tool

The Consumer Financial Protection Bureau has released a new online tool to help creditors determine which properties are located in a rural or underserved area. The tool aids in determining the exemption for requiring escrow accounts for higher-priced mortgages. Regulation Z provides that if “During any of the three preceding calendar years, the creditor extended more than 50 percent of … Read More

Oregon – Semi-Annual Escrow Rate Adjustment

ORS 86.245 requires that Oregon State lenders who require security protection in connection with a real estate loan to pay interest on funds in an escrow account of at least the discount rate.  The rate is adjusted semiannually, and calculated on May 15 and November 15, and covers the following six-month period.  The discount rate is calculated by the most recent … Read More