Escrow - Bankers Online

May 23
Opening Deposit Accounts for Foreign-Born Persons
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Appraisals on Higher-Risk Mortgages under Reg Z
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#1670079 - 02/27/12 11:32 AM Escrow
MSMITH10 100 Club Registered: 09/09/10 Posts: 152	If we have a 6 M loan with 15 year amortization, would we excrow?
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#1670090 - 02/27/12 11:24 AM Re: Escrow [Re: MSMITH10]
Dan Persfull 10K Club Registered: 08/28/02 Posts: 38823 Loc: Bloomington, IN	If it's a HPML secured by a first lien, yes. _________________________ The opinions expressed are mine and they are not to be taken as legal advice.
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#1670095 - 02/27/12 11:42 AM Re: Escrow [Re: MSMITH10]
MSMITH10 100 Club Registered: 09/09/10 Posts: 152	Regardless of the term? Is this because of the amortization or does the term never make a difference? We normally do not escrow if term is less than 1 year. What if we have a 6 M interest only HPML secured by first lien?
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#1670104 - 02/27/12 11:35 AM Re: Escrow [Re: MSMITH10]
Dan Persfull 10K Club Registered: 08/28/02 Posts: 38823 Loc: Bloomington, IN	There is no exemption in 1026.35 for short term financing. _________________________ The opinions expressed are mine and they are not to be taken as legal advice.
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#1670111 - 02/27/12 11:53 AM Re: Escrow [Re: MSMITH10]
MSMITH10 100 Club Registered: 09/09/10 Posts: 152	How would you calculate the excrow payment on a 6 month term? Take the 12 month premium and divide by 6?
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#1670131 - 02/27/12 11:56 AM Re: Escrow [Re: MSMITH10]
Dan Persfull 10K Club Registered: 08/28/02 Posts: 38823 Loc: Bloomington, IN	You would still calculate based on the guidance in 1024.17. _________________________ The opinions expressed are mine and they are not to be taken as legal advice.
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