Aren't I entitled to interest on my escrow (new york)?

[carol9999]

My state is NY
I just realized that my mortgage company (washington mutual) is not giving me interest on my escrow account for my mortgage ... I called the bank and they said that I would have had to request interest at closing in order to get interest on my escrow and since i didn't, they didn't have to pay me interest and that to get it, i would have to refinance and then request it at the new closing......first of all, is it really the responsibility of the lay person do actually request the interest to be given? it doesn't make sence.....they certainly didn't ask us whether or not we wanted interest (who would be so dumb as to say no).... Aren't they required to pay no less than 2% interest on my escrow in ny according to new york banking law 14-B? please let me know...thanks

[LindaP777]

I know here in Ohio, interest in not paid on mortgage escrow amounts, nor does the back charge you for making the payment to the property tax department or insurance company (it is, of course, more paperwork for them). The few dollars a year the amount would come to is not worth worrying about. Have you figured out what it would be? Seriously, just a couple of dollars at best.

New Yorkers, is it done differently there?

[Zigner]

If our OP was required (by function of law) to request it, then he can't claim ignorance...(well, he CAN claim ignorance, but it won't affect the outcome)