04/26/2020
Is there a rule on escrow analysis's that if the loan shows getting a refund, and it's 90 days past due that we don't have to issue the escrow refund?
04/12/2020
Our bank escrows and when the loan is a Higher Priced Mortgage Loan (HPML) we do escrow for taxes and insurance including flood insurance if in place. When a loan is not an HPML and the customer does want to escrow, is it acceptable to escrow just for taxes? Our borrower requested this as they do not want to escrow for their homeowner's insurance. I have reviewed 1024.17 - the escrow will be added to the loan documents and disclosures provided - so it will not be under the borrower's total control. I just wanted to verify that we should escrow for both taxes and insurance in this situation, even if escrow is not required.
03/29/2020
After watching an escrow webinar my bank decided to no longer add the 3% to the premium amount on the closing disclosure. Since the webinar, I have forgotten and did not properly document why. Can you please confirm or advise me on the initial escrow statement, per regulation, if we can add this? I recall it was created from the CPI Index. I understood this could be added at the annual escrow analysis, but NOT on the closing disclosure or Initial Escrow Statement/Disclosure. Is that right, or can we add the CPI index at the time of creating the escrow account?
03/29/2020
After watching an escrow webinar my bank decided to no longer add the 3% to the premium amount on the closing disclosure. Since the webinar, I have forgotten and did not properly document why. Can you please confirm or advise me on the initial escrow statement, per regulation, if we can add this? I recall it was created from the CPI Index. I understood this could be added at the annual escrow analysis, but NOT on the closing disclosure or Initial Escrow Statement/Disclosure. Is that right, or can we add the CPI index at the time of creating the escrow account?
01/05/2020
There is a surplus in the borrower's escrow account, but the loan is past due. Can we apply this surplus to his loan? The surplus is $315.44 due to
decrease in his homeowner's insurance premium.
11/24/2019
Are there any regulatory requirements that a bank must pay interest on escrowed funds? This would be borrowers funds held for construction not tax
and insurances.
06/30/2019
We paid escrow into a negative for insurance knowing that escrow would be even by the end of the year. The client cancelled the insurance and
received the refund check. Are insurance companies required to send the refund check back to the consumer or is there a way we can ensure going
forward that the refund checks come to the bank?
03/17/2019
We are doing a second mortgage where the first mortgage is already in escrow.
1.) Should we disclose the estimated escrow on page 1 of the Loan Estimate with No for being in escrow or should we completely leave them off since the borrower is already in escrow.
2.) On Page 4 of the Closing Disclosure how should we disclose here as well, and if we select no escrow, our only options are because the customer declined it or your lender does not offer one. Neither of these fit our situation because the customer is already in escrow with us, so they didn't decline it nor did we not offer one.
02/24/2019
Can a servicer use a borrower's escrow surplus to pay delinquent taxes? Mortgage payments are up to date, and the escrow includes taxes and insurance.
11/04/2018
Is there suggested text for a letter concerning an escrow overage?