Answer:
If the loan is a HPML and a first lien, then you are required to escrow.
First published on BankersOnline.com 7/05/10
Refinancing: Need Escrow?
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Question:
I have a home loan that originated in 2005, set up for monthly payments with a balloon in five years. The balloon now needs to be refinanced. We plan on refinancing this in-house, with no new money and with another balloon in five years. The current loan does not have escrow for taxes and insurance, am I required to escrow for the refinace loan?
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