Rules in January 2025 Release
State Rules
CONNECTICUT: Update to Rule Header 53350 Escrow Account (MS) 2025 Interest Rate
The interest rate that a lender is required to pay on escrowed funds for a loan secured by a 1-4 primary or vacation dwelling in Connecticut has been updated to reflect the 2025 interest rate announced by the Banking Commissioner on December 10, 2024. Loans that include impounds in the transaction will receive an updated info status message under RH 53350, which will contain the minimum threshold set forth by the Connecticut Department of Banking.
Loans with a Consummation Dates on or after January 1, 2025, the rate will be .5%. Previous rates will continue to apply for loans with Consummation Dates on or before December 31, 2024.
Connecticut - Escrow Account Warning (MS)
Interest on Escrow Account (INFO)(53350)
On a loan secured by a 1-4 primary or vacation dwelling, the Connecticut Mortgages Statutes require the Lender to pay interest on escrowed funds at a rate equal to or exceeding (_%), which is the minimum rate set forth by statute, as such rate is adjusted annually by the Connecticut Department of Banking. (Conn. Gen. Stat. 49-2a(a), (c); CT ADC 49-2b-1 et seq)
Access information about interest rates effective for current and previous years, as specified by the Connecticut Department of Banking.
CER-24563
SOUTH CAROLINA: New Open-End High Cost Rules Using Pre-2014 Federal Total Loan Amount
South Carolina - High Cost (First Lien HELOC 01/14)
Open-End Loans < $20,000(1000355)
The South Carolina High Cost HELOC points and fees ($_) exceed the threshold ($_) which is 8% of the Federal Total Loan Amount ($_) as defined by Regulation Z prior to January 10, 2014. This additional test for HELOCs uses the definition of "total loan amount" in S.C. Code 37-23-20(16) which does not include the "as amended" modifier in its reference to 12 CFR 226.32.
Open-End Loans >= $20,000(1000355)
The South Carolina High Cost HELOC points and fees ($_) exceed the threshold ($_) which is 5% of the Federal Total Loan Amount ($_) as defined by Regulation Z prior to January 10, 2014. This additional test for HELOCs uses the definition of "total loan amount" in S.C. Code 37-23-20(16) which does not include the "as amended" modifier in its reference to 12 CFR 226.32.
South Carolina - High Cost (Junior Liens 01/14)
Open-End Loans < $20,000(1000356)
The South Carolina High Cost HELOC points and fees ($_) exceed the threshold ($_) which is 8% of the Federal Total Loan Amount ($_) as defined by Regulation Z prior to January 10, 2014. This additional test for HELOCs uses the definition of "total loan amount" in S.C. Code 37-23-20(16) which does not include the "as amended" modifier in its reference to 12 CFR 226.32.
Open-End Loans >= $20,000(1000356)
The South Carolina High Cost HELOC points and fees ($_) exceed the threshold ($_) which is 5% of the Federal Total Loan Amount ($_) as defined by Regulation Z prior to January 10, 2014. This additional test for HELOCs uses the definition of "total loan amount" in S.C. Code 37-23-20(16) which does not include the "as amended" modifier in its reference to 12 CFR 226.32.
CER-24374
