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July 15, 2015
All About Escrows
David Dickinson

July 16, 2015
Business or Consumer Purpose, That Is the Question!
Kathleen Blanchard

July 21, 2015
Efficient SAR Narratives: Beyond the 5 W's
Victor Cardona

July 22, 2015
How to Complete the Loan Estimate
Jerod Moyer

July 28, 2015
Opening Nonprofit, Memorial, Donation, Association Accounts and more
Deborah Crawford

July 29, 2015
How to Complete the Closing Disclosure
Jerod Moyer



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#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: 4496
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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