Pennsylvania Code
Title 10 - BANKING AND SECURITIES
Part IV - Bureau of Consumer Credit Agencies
Chapter 59 - MORTGAGE SERVICING
Section 59.6 - Timely escrow payments and treatment of escrow account balances
Current through Register Vol. 54, No. 12, March 23, 2024
(a) Timely escrow disbursements required. If the terms of a mortgage loan require the borrower to make payments to the servicer of the mortgage loan for deposit into an escrow account to pay taxes, insurance premiums, and other charges for the mortgaged property, the servicer shall make payments from the escrow account in a timely manner, that is, on or before the deadline to avoid a penalty, as governed by the requirements in 12 CFR 1024.17(k) (relating to escrow accounts).
(b) Refund of escrow balance.
This section cited in 10 Pa. Code § 59.4 (relating to general disclosure requirements); and 10 Pa. Code § 59.7 (relating to error resolution procedures).