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FDIC Gives Escrow Assurance FDIC Assurance.
Byline: Brian Collins
Washington-The Federal Deposit Insurance Corp. has simplified its rules on insuring mortgage servicing accounts so that mortgage-backed securities investors are better protected in the event of a bank and thrift failure.
Effective Oct. 10, escrow accounts of principal and interest payments are insured up to $250,000 per mortgagor/homeowner, according to an interim adopted by the FDIC board of directors.
Previously, insurance coverage was determined by the lenders/investors' interest in the P&I accounts, which could lead to unexpected losses for MBS investors and disrupted payments to investors.
In response to the FDIC's action, Fannie Mae said it is rescinding a recently adopted policy of collecting P&I payments daily from certain servicers and placing the funds in trust accounts for safekeeping.
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Source: HighBeam Research, FDIC Gives Escrow Assurance FDIC Assurance.