A WIN FOR ANYONE WITH A MORTGAGE

Homeowners whose monthly mortgage payments include a portion of their yearly tax and insurance fees will benefit from a new set of federal rules announced the other day. From now on, lenders each year will have to return anything over $50 left in escrow accounts set up to handle these costs.

That's good news for people who end up paying much more each year than their insurance and tax bills warrant, but the rules aren't likely to have the effect Housing Secretary Henry Cisneros has predicted.He said the price of buying a house will drop, implying that housing will become more affordable. True, tax and insurance escrow payments are required as part of closing costs for many new federally insured loans. Those payments now will be lowered slightly. However, they rarely amount to much in relation to the overall price of a house. Interest rates and the price of a house still are the most important factors for home buyers.

While Cisneros predicted a combined $477 million would be saved each year in closing costs, that amounts to no more than $100 or $200 at the most for people buying the most expensive houses.

Still, the rules will provide important protection for people with mortgages. Many lenders already refund extra escrow money at the end of the year. But more than one in 10 don't, according to a 1992 study by the federal Department of Housing and Urban Development.

These mortgage bankers have been using the extra money for free, without paying interest to the homeowner. Added together, the amounts are significant. Federal officials estimate the combined total due in refunds at $1.5 billion.

The problem hasn't escaped the attention of some homeowners. Two of the nation's largest lenders, GMAC Mortgage and Fleet Mortgage, recently settled lawsuits in New York regarding these overpayments - agreeing to return $250 million.

The new rules may not mean much for the average person, but at least an unethical practice will stop.