Quote:
Originally Posted by Sharshap8
Does anyone know what the required interest rate a bank must earn for the borrower on a mortgage escrow account for the State of Florida?  |
Is it really an escrow, or is it a deposit. I don't think they provide any interest on a deposit. They provide interest (that varies) on the escrow. I don't think there is a hard percentage, it varies depending upon what the recognized prime rate is, and that can vary as well. Usually, I tie it to the rate, which varies as well, based on the posted rate from the Wall Street Journal. Good Luck finding out something more precise than that. If you find out more, I'd be interested to know.
Thanks,
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Mortgage escrow interest rate
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