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#1698937 - 05/11/12 08:32 PM Annual escrow on maturing loan
notuntermywatch Offline
Gold Star
Joined: Jun 2006
Posts: 392
MN
We only have a handful of old consumer escrow loans.

We do our escrow analysis in May each year. The activity period runs through 5/31/11.

One consumer loan is maturing on 6/1/2012 and our system did not generate an analysis statement. Is this okay because RESPA states...

"a servicer shall submit an annual escrow account statement to the borrower within 30 calendar days of the end of the escrow account computation year, after conducting an escrow account analysis."

Would we have to send a short form notice within 60 days of pay-off?

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Lending Compliance
#1698957 - 05/11/12 08:59 PM Re: Annual escrow on maturing loan notuntermywatch
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,396
Galveston, TX
I would just send the final.
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