1. Yes, you are collecting the reserves at closing.
2. As I rememberr any taxes due during the construction period would be the responsibility of the borrower to pay. However the way our taxes are structured very seldom would any be due. They have to have a buildier's risk policy paid through the term of the construction phase with the HOI going into effect 30 days before the first P&I payment is due.
The opinions expressed are mine and they are not to be taken as legal advice.