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#2011180 - 04/30/15 12:28 PM Establishing escrow on existing mortgages
Mike Baker Offline
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Mike Baker
Joined: Dec 2002
Posts: 192
Tennessee
If a loan customer wants to establish an escrow account on a mortgage loan that was closed originally without a provision for escrow in the monthly payment, what do we need to do?
I am guessing that this is an atypical occurrence, but not entirely unheard of? Thank you for your input.
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"When you believe He's all you need,that will be your defining moment." [from "Defining Moment" Newsong, Sheltering Tree CD]

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#2011206 - 04/30/15 02:02 PM Re: Establishing escrow on existing mortgages Mike Baker
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,835
Bloomington, IN
You will have to provide the initial escrow analysis (see 1024.17) based on the new computation year which begins with the first payment the escrow is scheduled to be made.

You will then modify your system to adjust the payment schedule and add any necessary codes to include the account in the annual analysis schedule.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2011249 - 04/30/15 03:19 PM Re: Establishing escrow on existing mortgages Mike Baker
Mike Baker Offline
100 Club
Mike Baker
Joined: Dec 2002
Posts: 192
Tennessee
Thank you very much for your timely and helpful response.
_________________________
"When you believe He's all you need,that will be your defining moment." [from "Defining Moment" Newsong, Sheltering Tree CD]

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