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#180680 - 04/16/04 03:59 PM Escrow Question - need help
Anonymous
Unregistered

Here's the scenario. Loan closed in Nov 2003, semi-annual taxes are to be paid. Taxes due in Dec and May. Borrower paid full amount of taxes in December (for Dec 2003 and May 2004). This was a loan that we purchased. Now, since taxes are paid up for May 2004, when we get to Dec 04, we will obviously have more than we need. Analysis is in Feb 05 with payment change March 1, 05. Should we refund the excess now or wait until analysis in 05 to have the system recalculate then refund?

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Lending Compliance
#180681 - 04/16/04 04:54 PM Re: Escrow Question - need help
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,415
Wouldn't this depend on borrower's election to pay? Here borrowers can elect to pay in full in Dec (for tax write-off) So you'll need all the money you collect.

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#180682 - 04/16/04 05:35 PM Re: Escrow Question - need help
Beagles22 Offline
Power Poster
Joined: Jan 2004
Posts: 3,626
State of confusion
I try to wait until the next analysis date unless the customer requests differently. Maybe as stated above you should contact the customer to see if they would like to pay all in December in the future, even if file currently states 1/2 and 1/2 since they did so last year??
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