We are considering financing the purchase of mobile homes that will be placed in rental slots in a new mobile home park. Will we have to worry about complying with RESPA on these loans?
Are we required to pay taxes or insurance if the customer is past due?
If a consumer is only escrowing for flood insurance and they are no longer required to escrow due to the detached structure exemption, is the bank required to send the escrow closing notice (30 day requirement)?
When a customer has constructed a new home and the taxes are currently based on the formerly vacant lot, but the bank knows the taxes will go up next year based upon the improvement, are we allowed to take the anticipated increase into account in our first escrow collection?
If we have an insurance policy that has a due date of February (bank paid the policy in full from escrow) and we receive a bill from the insurance company in July due to a change that the customer made to the policy (e.g., added a jewelry rider), are we required to pay that bill for the premium increase due to the change or can we require the borrower to pay it?
Occasionally, the secondary market makes us collect too much money at closing (13 months, for example). Just to clarify, at closing we can collect a 2-month cushion, the balance determined by the aggregate analysis, and anything due before the start of the escrow account computation year. Correct?
I have two questions regarding Flood Insurance:
1. The correct time frame of 7 years for the Standard Flood Hazard Determination Form is the last mapping review or the date of the determinations?
2. In commercial loans where there are multiple properties as collateral for multiple loans the policies are done by property using the sum of all loans amount? If it is possible to provide an example it would be very helpful.
We are on a loan audit at a client's bank. Loans with collateral located in a flood zone are escrowed to pay the premiums. This bank allowed a policy to expire and didn't pay the premium until 3 days after the expiration of the policy. I know I read somewhere in the new rules within the last 2 years that bank's have the responsibility of paying flood premiums timely, before the expiration of the policy. Did I dream this or is it part of the new rules? If so, where can I find it.
Does the new Homeowner Flood Insurance Affordability Act of 2014 require everyone to escrow for flood insurance?
I’ve heard that grandfathered flood insurance is going away is that true?