The escrow rate for the period February 1, 2018 through July 31, 2018 is 0.00%.

 

Pursuant to NH RSA 383-B:3-303(a)(7)(E), Gerald H. Little,

Bank Commissioner, announced the minimum interest rate payable on moneys on deposit in escrow accounts maintained for the payment of taxes or insurance premiums related to loans on property secured by real estate mortgages.

 

Said rate shall be 0.00% and shall be effective commencing February 1, 2018 and shall remain in effect until the next rate announcement on August 1, 2018.

The New Hampshire Banking Department joined financial regulators from 46 other states today to announce a legal settlement with PHH Mortgage Corporation (NMLS #2726). The settlement will assist borrowers harmed by substandard mortgage servicing practices conducted by PHH Mortgage between 2009 and 2012. These deficiencies were identified during a multi-state examination of the company. View the Department's press release here. 

Starting August 1, 2017, money transmitters dealing solely in cryptocurrencies like Bitcoin are not required to be licensed by the Banking Department. Click here for more information on Cryptocurrency Transmitters.

Congratulations to NHBD's Director of Operations, Dawn Allen and Licensing Supervisor, Nancy Burke, both recent graduates of the Certified Public Manager Program, a nationally accredited program designed to improve the performance of public sector managers and the organizational performance of the state.

View Deputy Commissioner announcement here

The U.S. Consumer Financial Protection Bureau has announced legal action against Ocwen Financial Corporation and its subsidiaries alleging gross misconduct in the servicing of millions of home mortgages nationwide. Ocwen services many thousands of home loans for New Hampshire consumers. For more information about this action and how it might affect you or your Ocwen-serviced loan, visit the CFPB website or call the New Hampshire Banking Department at 1-800-437-5991. For general information on mortgage servicers visit the Federal Trade Commission.