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#1742404 - 09/19/12 10:10 PM Require escrow for hazard if PMI?
mtngrrl Offline
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mtngrrl
Joined: Mar 2011
Posts: 470
Northern California
If a loan has PMI on it, is there any requirement that we also escrow their hazard insurance? I have a lender who swears she was told this was a regulatory requirement, but I have not been able to locate any such requirement. I'm suspecting it was an internal requirement. Anyone know differently?
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Lending Compliance
#1742464 - 09/20/12 12:46 PM Re: Require escrow for hazard if PMI? mtngrrl
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 46,645
Bloomington, IN
Outside of an HPML there is no Federal requirement to escrow for insurance.
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#1742563 - 09/20/12 03:07 PM Re: Require escrow for hazard if PMI? mtngrrl
mtngrrl Offline
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mtngrrl
Joined: Mar 2011
Posts: 470
Northern California
Thank you, Dan.
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Be kind; everyone you meet is fighting a hard battle.
--all opinions are my own--

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