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#2153383 - 11/13/17 11:35 PM Excess funds in Escrow Account
Vive Accommodare Offline
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Vive Accommodare
Joined: Apr 2013
Posts: 558
During our escrow analysis, we based the tax impound amount off the previous year's bill. When we attempted to pay the tax collector's office, they came back and said the assessment for the property was not completed yet and they cannot accept the payment amount. We now have excess funds in the borrower's escrow account and recently sold the loan. Do we go off of the Surplus instructions under Regulation X for the funds or would we forward to the new servicer? The tax collector told us it could be several months before the property is assessed.
"Tact is telling someone to go to [censored] in such a way, they look forward to the trip" Winston Churchill

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#2153390 - 11/14/17 12:08 PM Re: Excess funds in Escrow Account Vive Accommodare
rlcarey Offline
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Joined: Jul 2001
Posts: 79,898
Galveston, TX
Depends on what your sale agreement calls for you to do with an escrow account upon transfer.
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