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August 26
Keeping Bank Secrets: Things you Can Go to Jail for Telling;
Mary Beth Guard

September 8
Checkup for your RDC Program;
Susan Orr

September 10
Critical Issues on Certificates of Deposit;
Deborah Crawford

September 16
S.A.F.E. Act - Auditing for Compliance;
Patricia Cashman

September 22
FinCEN's Beneficial Owners Proposal: What It Can Mean for You;
Sonja Kriegsmann and John Burnett

September 23
Bankruptcy 101;
Sam Ott



Topic Options
#1370759 - 04/07/10 03:04 PM Net escrow balance when quoting payoff?
SSBStephanie Offline
Junior Member

Registered: 04/01/10
Posts: 31
Loc: Iowa
I receive payoff quotes from various banks and a few of them will net the escrow balance when quoting a payoff. Is this legal? I thought that the funds had to be returned to the borrower w/in 60 days of payoff, not netted out.

Does it matter if you net out a negative vs. positive balance?

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Lending Compliance
#1370863 - 04/07/10 04:14 PM Re: Net escrow balance when quoting payoff? [Re: SSBStephanie]
Cowboys Fan Offline
Power Poster

Registered: 12/17/02
Posts: 4470
Loc: SC
This Thread has a good discussion on the subject.
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#1370868 - 04/07/10 04:20 PM Re: Net escrow balance when quoting payoff? [Re: Cowboys Fan]
SSBStephanie Offline
Junior Member

Registered: 04/01/10
Posts: 31
Loc: Iowa
Thanks CF, I did a search and didn't come up with that thread...it is helpful!

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