Public Notice
Department of Financial Institutions
Division of Banking
Pursuant to Wis. Stat. s. 138.052(5)(am), except as provided in Wis. Stat. s. 138.052(5)(b), and unless the escrow funds are held by a 3rd party in a noninterest-bearing account, a bank, credit union, savings bank, savings and loan association or mortgage banker which originates a loan on or after January 1, 1994, and before April 18, 2018, or a loan subject to Wis. Stat. s. 138.052(5)(am)3 and which requires an escrow to assure the payment of taxes or insurance shall pay interest on the outstanding principal balance of the escrow at the variable interest rate established under Wis. Stat. s. 138.052(5)(am)2.
Pursuant to Wis. Stat. s. 138.052(5)(am)2, the Department of Financial Institutions, Division of Banking, has calculated the interest rate to be paid on escrow accounts subject to Wis. Stat. s. 138.052(5)(am)2, to be 0.18% for 2024. The interest rate shall remain in effect through December 31, 2024.
Contact Us
Kim Swissdorf
Administrator
Division of Banking
Phone: (608) 716-9691
Email: Kim.Swissdorf@dfi.wisconsin.gov