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#2153383 - 11/13/17 11:35 PM Excess funds in Escrow Account
Vive Accommodare Offline
Platinum Poster
Vive Accommodare
Joined: Apr 2013
Posts: 557
Compliance
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.
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Lending Compliance
#2153390 - 11/14/17 12:08 PM Re: Excess funds in Escrow Account Vive Accommodare
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,637
Galveston, TX
Depends on what your sale agreement calls for you to do with an escrow account upon transfer.
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