How long must HUD escrow accounts be kept and is computerized storage okay? - Carolyn Jones

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by Carolyn Jones, BOL Guru
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Question: How long must HUD escrow accounts be kept and is computerized storage okay?

Answer: A. (1) Each servicer shall keep records, which may involve electronic storage, microfiche storage, or any method of computerized storage, so long as the information is easily retrievable, reflecting the servicer's handling of each borrower's escrow account. The servicer's records shall include, but not be limited to, the payment of amounts into and from the escrow account and the submission of initial and annual escrow account statements to the borrower.

(2) The servicer responsible for servicing the borrower's escrow account shall maintain the records for that account for a period of at least five years after the servicer last serviced the escrow account. 24 CFR 3500.17

First published on BankersOnline.com 8/18/03

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