Answer:
Whether or not you can apply such a practice to existing loans may be subject to the loan contract. If the contract escrow provision only provides for a one-month cushion, you'll have to consult with legal counsel familiar with state contract law to determine if you can unilaterally change the provision, and what kind of notice you'll need in order to do so.
First published on BankersOnline.com 4/2/12
print
share