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#1948285 - 08/01/14 04:58 PM Request to Cancel Escrow
trinna Offline
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trinna
Joined: Oct 2003
Posts: 288
Midwest
Generally, we do not require escrow accounts (except in certain cases; HPMLs, PMI, etc.). If a customer has voluntarily requested escrow for tax and/or insurance and decides to cancel it long after the loan has closed, are we required to provide the customer with a new escrow disclosure or anything of that sort? I can't locate anything that tells me how we should be handling this situation. Help, please.

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RESPA
#1948788 - 08/04/14 07:09 PM Re: Request to Cancel Escrow trinna
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,762
Bloomington, IN
You do not have to provide an analysis/statement when you cancel the escrow. We however run a short year statement as documentation for the escrow balance to be refunded.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1949285 - 08/05/14 06:52 PM Re: Request to Cancel Escrow Dan Persfull
trinna Offline
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trinna
Joined: Oct 2003
Posts: 288
Midwest
Thank you so much!

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