,,ii  #aaith ,,congress  #b;d ,session  
,s4 #dfcf  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #ba1      
#bjbf,mr4 ,blumenthal 7for himself and  
,ms4 ,warren7 introduced the following  
bill2 which was read twice and referred 
to the ,committee on ,homeland ,security
 and ,governmental ,affairs  ,a ,,bill  
,to amend the ,real ,estate ,settlement 
,procedures ,act of #aigd to provide for
 interest on escrow balances4  #a4      
,short title ,this ,act may be cited as 
the ,homeowners' ,escrow ,savings ,act4 
#b4 ,interest on escrow balances ,the   
,real ,estate ,settlement ,procedures   
,act of #aigd 7#ab ,u4,s4,c4 #bfja et   
seq47 is amended-- 7#a7 in section #c   
7#ab ,u4,s4,c4 #bfjb7-- 7,a7 in         
paragraph 7#h71 by striking and at the  
end2  7,b7 in paragraph 7#i71 by        
striking the period at the end and      
inserting 2 and2 and  7,c7 by adding at 
the end the following3  7#aj7 the term  
reasonably anticipated means1 with      
respect to estimated taxes-- 7,a7 any   

reassessment of the property value that 
may be anticipated based on the         
experience of the servicer or local     
custom2  7,b7 any significant           
improvements made or to be made to the  
property2  7,c7 any known future changes
 in the applicable tax rate2  7,d7 any  
exemptions or other adjustments for     
which-- 7i7 the borrower may be         
eligible2 and  7ii7 the borrower has    
notified the servicer2  7,e7 any other  
relevant information available to the   
servicer2 and  7,f7 any other factor    
that the ,bureau may require4  2 and    
7#b7 in section #aj 7#ab ,u4,s4,c4      
#bfji7-- 7,a7 in subsection 7c71 by     
adding at the end the following3  7#c7  
,accuracy ,any statement required under 
this subsection shall be as accurate as 
possible1 based on information          
reasonably known or accessible to the   
servicer4  2  7,b7 by redesignating     
subsection 7d7 as subsection 7e72 and   
7,c7 by inserting after subsection 7c7  
the following3  7d7 ,payment of interest

 on funds in escrow  7#a7 ,in general   
,any servicer that has established an   
escrow account in connection with a     
federally related mortgage loan shall   
pay interest to the borrower on the     
funds in the escrow account in          
accordance with paragraph 7#b74  7#b7   
,calculation  7,a7 ,in general ,the     
interest described in paragraph 7#a7    
shall be determined by multiplying the  
actual average daily balance for each   
month1 by the quotient obtained by      
dividing the annual rate described in   
subparagraph 7,b7 by #ab4  7,b7 ,annual 
rate ,the annual rate described in this 
subparagraph shall be not less than the 
weekly average yield on #a-year ,united 
,states ,treasury securities for such   
year and rounded to the nearest tenth of
 a percentage point4  7#c7 ,credit ,any 
interest credited under this subsection 
shall be credited to the escrow account 
when the servicer issues the statement  
required by subsection 7c77#b74  7#d7   
,effect on ,state law ,nothing in this  

subsection may be construed to preempt  
or supersede any ,state law that        
requires-- 7,a7 an interest rate higher 
than the interest rate calculated under 
this subsection2 or  7,b7 the payment of
 interest in a different manner1        
including by check or as a credit to the
 loan balance1 that is provided by this 
subsection4  4