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BankersOnline.com Forums Dodd-Frank Final Rules Discussions Escrows on Higher-Priced Mortgages Escrow for HO Ins
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#1996263 - 02/16/15 07:52 PM Escrow for HO Ins
rachelchri Offline
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Joined: Aug 2010
Posts: 165
One of our lenders is currently doing a loan which will be a High Priced Mortgage Loan. She's aware of the escrow requirements, but the customer said that they pay their Home Owners Insurance monthly with their Auto Insurance. Are we allowed to waive the requirement that the Home Owners insurance be escrowed, or is the customer required to change their billing (from monthly to annually, etc) for escrow purposes?

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Escrows on Higher-Priced Mortgages
#1996265 - 02/16/15 08:02 PM Re: Escrow for HO Ins rachelchri
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
Are we allowed to waive the requirement that the Home Owners insurance be escrowed

Under what premise do you propose to waive the escrow requirement for the homeowners insurance?

There is nothing that would prevent you from escrowing for a monthly homeowners insurance premium.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1996299 - 02/17/15 01:55 PM Re: Escrow for HO Ins rachelchri
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
More emphatically, if it's an HPML, you aren't permitted to waive the escrow requirement.
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