Mtg Ops wants to make a change to the escrow analysis tax description. Currently it specifies city tax or county tax or village tax, but they would like to go with a generic ‘property tax’. Does the regulation prohibit this?

1024.17(h)(3) Identification of payees. The initial escrow account statement need not identify a specific payee by name if it provides sufficient information to identify the use of the funds. For example, appropriate entries include: county taxes, hazard insurance, condominium dues, etc. If a particular payee, such as a taxing body, receives more than one payment during the escrow account computation year, the statement shall indicate each payment and disbursement date. If there are several taxing authorities or insurers, the statement shall identify each taxing body or insurer ( e.g., “City Taxes”, “School Taxes”, “Hazard Insurance”, or “Flood Insurance,” etc. ).

Thank you!