I just wanted to see if and how everyone is handling this situation. We receive an application completed, however we have no idea on the amount of property taxes or insurance. How are you coming up with a number to provide an escrow analysis for the GFE?
How cities/towns calculate property taxes is public information so you could check with the assessors office to estimate taxes based on the estimated value. Insurance is generally done using a certain dollar value per 1,000 of home value. Remember that there is not a tolerance for this item.
If it's an existing property, the taxes are of record at the Treasurer's office. You can either look them up yourself or call the title company and ask for the number.
TR is right, but I like to calculate the number myself because actual tax records may reflect discounts (e.g., homestead) that your borrower might not be declaring. Again, no tolerance issues, so either way works.
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