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Description:

Escrows

Presented by Carl Pry
Wednesday, December 13th, 2017 

 

Covered Topics:

• Escrowing under flood insurance rules – when escrow must be maintained, as well as notices
• Reg. Z escrow rules – HPML rules that mandate escrow accounts, plus opt-out possibilities
• RESPA requirements – what is an escrow account?
• Can we maintain a “voluntary escrow” and avoid the RESPA requirements?
• Calculating the initial deposit into the escrow account – aggregate accounting rules
• How to complete initial and final disclosures with escrow information
• Required notices and statements – initial, annual, and short-year
• The 3 documents that must be sent each escrow accounting year
• Dealing with surpluses, shortages, and deficiencies

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