A loan just triggered MIRE and the loan is set up interest only with a annual principal payment. Anyone have experience putting escrow on a loan structured like this one?

I am wondering if we could set it up to just have the full premium escrowed with the annual principal payment? Or must we set it up as interest only + flood insurance escrow?

The regulation requires that escrow payments for flood insurance premiums and fees be "payable with the same frequency as payments on the designated loan are required to be made for the duration of the loan."

If the loan calls for monthly interest payments, I believe that means you collect flood escrow payments monthly, too.

Thank you John, I was preparing myself for that answer but hoping for something different