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New federal escrow rule could cloud mortgage market


FEDERAL CHANGE: Citizens Bank, the state’s largest nationally chartered bank, and other national banks could see some benefit from a new rule issued by federal regulator Office of the Comptroller of the Currency on mortgage escrow accounts. 
COURTESY CITIZENS FINANCIAL GROUP INC.
FEDERAL CHANGE: Citizens Bank, the state’s largest nationally chartered bank, and other national banks could see some benefit from a new rule issued by federal regulator Office of the Comptroller of the Currency on mortgage escrow accounts. 
COURTESY CITIZENS FINANCIAL GROUP INC.

For thousands of Rhode Island homeowners, the outcome of a legal fight over mortgage escrow accounts could determine whether money they set aside for property taxes and insurance continues to earn interest. It also could affect which banks have a competitive advantage in Rhode Island’s mortgage market. Escrow accounts hold money collected from borrowers each

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