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CitiMortgage penalized for not paying escrow account interest

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CitiMortgage Penalized for Not paying escrow account interest national mortgage News, June 18, 2019–Kate Berry (subscription) CitiMortgage has agreed to pay $7.8 million to more than 94,000 California homeowners for allegedly failing to pay 2% interest on escrow impound accounts, the state’s financial regulator said.

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In September of 2008 Peoples Bank Sold my loan to Citimortgage and Citi Claimed My escrow was Zero Blance. Knowing I Could not have closed my loan with Peoples Bank with Zero Escrow I called Citi and asked where was my money they could not answer me so I have to pay way over $1, 500.00 to make my account good.

CitiMortgage to pay $7.8 million to California borrowers for not paying interest on escrow accounts Settlement with state requires servicer to pay 2% interest on impound accounts June 20, 2019

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The Citigroup mortgage unit is not the first lender to be tripped up by California law requiring the interest payments on escrow impound accounts.

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On CitiMortgage.com, you can view your statements, set up auto-pay, see your mortgage details, and get mortgage assistance.

CitiMortgage penalized for not paying escrow account interest The Citigroup mortgage unit is not the first lender to be tripped up by California law requiring the interest payments on escrow impound accounts.

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Escrow Penalty Law and Legal Definition Escrow penalty means a late charge imposed by the payee for paying after the disbursement is due. It does not include any additional charge or fee imposed by the payee associated with choosing installment payments as opposed to annual payments or for choosing one installment plan over another.

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