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#1472999 - 11/26/10 09:14 PM Extend Payment on Loan with Escrow
complofcr Offline
100 Club
Joined: Apr 2010
Posts: 183
SE USA
We have just started doing escrow on our loans this year with the new changes. One question I do have: If a customer wants to do an extension, we normally required them to pay the accrued interest and an extension fee. If the loan has escrow, do they need to pay the escrow payment for that month also? Are we even allowed to extend a payment on a loan with escrow?
Thanks!

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Lending Compliance
#1473038 - 11/27/10 03:33 AM Re: Extend Payment on Loan with Escrow complofcr
jlroberts Offline
Diamond Poster
jlroberts
Joined: Sep 2009
Posts: 1,601
Ohio
We collect the interest and escrow due that is due. If you don't collect the escrow payment for that month then they will have a shortage at the next analysis.

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#1473855 - 11/30/10 06:48 PM Re: Extend Payment on Loan with Escrow jlroberts
complofcr Offline
100 Club
Joined: Apr 2010
Posts: 183
SE USA
Thank you! That was what we thought, but then it almost seemed pointless in doing an extension since the borrower will still have so much to pay.

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