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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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#1586036 - 08/01/11 04:04 PM change in term
nikki_compliance Offline
Gold Star

Registered: 03/19/10
Posts: 481
Loc: NM
we are wanting to do a change in terms to extend a payment to months out, customer is set up on an escrow accounts and has accrued interest (one month payment past due) would negative ammortization be an issue if we tried to do this also would we have to do anything with the escrow account?

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Lending Compliance
#1586126 - 08/01/11 06:30 PM Re: change in term [Re: nikki_compliance]
nikki_compliance Offline
Gold Star

Registered: 03/19/10
Posts: 481
Loc: NM
anyone????

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#1586157 - 08/01/11 08:01 PM Re: change in term [Re: nikki_compliance]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 53498
Loc: Galveston, TX
(2) No annual statements in the case of default, foreclosure, or bankruptcy. This paragraph (i)(2) contains an exemption from the provisions of Sec. 3500.17(i)(1). If at the time the servicer conducts the escrow account analysis the borrower is more than 30 days overdue, then the servicer is exempt from the requirements of submitting an annual escrow account statement to the borrower under Sec. 3500.17(i). This exemption also applies in situations where the servicer has brought an action for foreclosure under the underlying mortgage loan, or where the borrower is in bankruptcy proceedings. If the servicer does not issue an annual statement pursuant to this exemption and the loan subsequently is reinstated or otherwise becomes current, the servicer shall provide a history of the account since the last annual statement (which may be longer than 1 year) within 90 days of the date the account became current.

You need to visit with your legal counsel on how to structure the modification.
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The opinions expressed are my own, take them or leave them.

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