I live in California....what is the penalty if I do not receive my impound account refund within 30 days?

For you none.. For your lender... none.. The law gives them 30 days to refund it in CA. however if they didn't sent it on time, and you complained to the state, then they would investigate.. If this was a isolated situation, then there will be no penalty.. if it's a reoccurring situation with numerous escrow accounts, then the state can bring charges against the lender.. You're better off calling your lender and asking where is the refund.. it could be something as simple as not having a good forwarding address... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

All lenders have 30 calendar days from the date they receive sufficient funds to pay the mortgage balance in full to initiate the refund of any excess funds received and in their possession. This simply means that they have 30 days to write the check and get it into the mail. It can take another week or so for the check to arrive. Because of potential mail delays, regulators won't even consider investigating unless they receive a significant number of complaints from consumers indicating that many refunds are being received after six weeks. Even then, unless there is evidence of a pattern of delays due to their practices it is doubtful they would be penalized. IF you have not received the refund after 5 weeks, I'd be calling them every day ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

The time frame is actually 45 days. There really isn't a penalty fee you can collect. You can report them to the CA department of real estate and they possibly could get fined. I would just stay on them if you haven't received it and most likely they will have it to you soon.

Depends on who is starting the clock. The date can vary from entity but usually get it resolved within a working month and there really is no penalty since they are holding on to your money, you are kind of stuck. My advice call, email, drive by, fax, do whatever it takes.

I saw this had been answered pretty well yesterday, but I was curious as to what lender was taking beyond30 days to refund the impound account? It could be an isolated incident, however, and hopefully you havecontacted them and gotten it resolved. Usually, lenders do get it to you by 3 weeks time. As a rule, theirown inside notification, in the past, has been to get the refund out by 14 days, and most take about 3 weeks.

The time frame is actually 45 days. There really isn't a penalty fee you can collect. You can report them to the CA department of real estate and they possibly could get fined. I would just stay on them if you haven't received it and most likely they will have it to you soon.

What Lender is it?