To amend the Real Estate Settlement Procedures Act of 1974 to reflect changes in the mortgage servicing industry and the availability of improved technology to escrow agents, and for other purposes.
Escrow Account Reform Act of 1992 - Amends the Real Estate Settlement Procedures Act of 1974 to modify the limitation placed on advance deposits in escrow accounts.
Requires any mortgage lender or servicer that establishes or maintains an escrow account in connection with a federally related mortgage loan to pay interest on the balance in such account at a specified minimum annual rate. Cites conditions under which a borrower in connection with a federally related mortgage may terminate an escrow account by submitting a statement certifying that the borrower agrees to make timely payments of all charges paid from the escrow account.
Defines the liability incurred for noncompliance with this Act. Sets forth Federal court jurisdiction over escrow account violations, and identifies the parties with standing to sue (including the borrower).
Requires the Secretary of Housing and Urban Development to: (1) report to the Congress the results of a study regarding standard escrow account management procedures; and (2) promulgate regulations implementing this Act.
Introduced in House
Introduced in House
Referred to the House Committee on Banking, Finance + Urban Affrs.
Referred to the Subcommittee on Housing and Community Development.
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