Consumers are lobbying to change the way money is deposited into escrow accounts on their home mortgage loans, and recently saw a bill introduced that may make it a reality. However, mortgage bankers are skeptical about the plan and are even more leery about how some people and groups would like to see it carried out.

Spurred on by growing consumer outcry, Rep. Henry B. Gonzalez. D-Texas, chaiman of the House Banking, Finance and Urban Affairs Committee, introduced a bill, the Escrow Account Reform Act (HR 27) in January, which may change the way escrow accounts are accomplished.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.