Mailing Out Initial Escrow Disclosure?

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Question:

Does an initial escrow disclosure have to be mailed out with the early disclosures for residential property?

Answer:

According to RESPA, Section 3500.17(g)(2), After conducting the escrow account analysis for each escrow account, the servicer shall submit an initial escrow account statement to the borrower at settlement or within 45 calendar days of settlement for escrow accounts that are established as a condition of the loan.

First published on BankersOnline.com 5/2/11