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#2153884 - 11/16/17 04:13 PM Escrows - no loan secured by property
CalifDreamin Offline
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CalifDreamin
Joined: Mar 2002
Posts: 2,262
Far from Calif
I know this is a very strange question, but do any of your banks have an escrows for property taxes and insurance set up for a customer who doesn't have a loan secured by the property?

We have a customer with rental property and it is not collateral on any loan. He doesn't want the headache of having to remember to pay taxes and insurance so he asked us if we could set up an escrow to do that for him. Curious as to whether or not others have done this and how you had it set up? Did you have your customer set up automatic deposits into an account (checking, savings or money market?), then you just made the payments from there? What do charge your customer for this service?

I've not ever been at a bank that did escrows other than on loans where the property was collateral.
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General Discussion
#2153891 - 11/16/17 04:22 PM Re: Escrows - no loan secured by property CalifDreamin
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Not sure I would touch that - why too much liability unless you are planning to charge them a hefty fee for the service. I have never heard of a bank doing this either. Likely, you have no automated process to really facilitate it.
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#2153912 - 11/16/17 05:34 PM Re: Escrows - no loan secured by property CalifDreamin
osucpa Offline
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Joined: May 2011
Posts: 1,406
Tell them to get with their accountant.

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#2153929 - 11/16/17 06:48 PM Re: Escrows - no loan secured by property CalifDreamin
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
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On the Net
Either the accountant, or set up a savings account with an auto transfer monthly. That provides the funds and as soon as the tax bill is received, transfer funds, pay the bill. It isn't much easier than that. But why would the bank want to provide such a service, and for just one account? I might help my customer find a solution, but I wouldn't be that solution.
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