Escrow Statements and Past Due Loans

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Question:

If a loan is delinquent for more than 30 days and the annual escrow statement is not sent, can the annual analysis still be ran and if the loan is re-instated, the history provided at that time? To clarify, still run the annual analysis and provide all if the account is re-instated when the annual statement being provided is resumed.

Answer:

Because of the timing requirements to send statement, either the annual should be done on time regardless of the past due status, or the complete statement when the account is “current” would actually be longer than 12 months and caught up with the loan payments being made.