House Bill Would Penalize Servicers $1,000 a Day for Missed Escrow Payments that Result in Insurance Lapse
March 7, 2003
Mortgage escrow servicers would be facing up to treble damages for violations of the Real Estate Settlement Procedures Act under legislation pending in the House Financial Services Committee. Introduced by Rep. Robert Andrews, D-NJ, last month, the Homeowners’ Escrow Payments Assurance Act would allow affected homeowners to sue and collect treble damages from mortgage servicers that fail to