Answer:
No, and borrowers cannot revoke the authorization after the twelve month period without the full agreement of the bank. It is an option that the bank can use, it is not a right granted to the borrower.
Cancellation. A creditor or servicer may permit a consumer to cancel the escrow account required in paragraph (b)(3)(i) of this section only in response to a consumer's dated written request to cancel the escrow account that is received no earlier than 365 days after consummation.
First published on BankersOnline.com 12/06/10
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