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#2156089 - 12/05/17 03:36 PM LE - Section G Initial Payment at Closing
JoAnne Offline
Platinum Poster

Registered: 02/07/01
Posts: 792
Loc: Michigan
My Lender would like to disclose one amount in Section G as "Escrow for 13 months" with one amount listed. I think this is not in compliance with 1026.37(g)(4) where it says to list each item separately. Am I missing something? He said other lenders are doing it the way he wants to do it. He said the Initial and Annual Escrow Disclosure statements would still be 12 months.
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#2156110 - 12/05/17 04:59 PM Re: LE - Section G Initial Payment at Closing [Re: JoAnne]
Dan Persfull Offline
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Registered: 08/28/02
Posts: 44894
Loc: Bloomington, IN
Can you be more specific?

Is the loan officer only wanting to show one line item for taxes and insurance instead of showing each as separate line items? If so that would be a violation and I have never seen any bank disclose their escrow section that way.
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#2156332 - 12/06/17 04:53 PM Re: LE - Section G Initial Payment at Closing [Re: JoAnne]
John Burnett Offline

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Registered: 10/27/00
Posts: 36901
Loc: Cape Cod
"All the other guys are going to the party." (They weren't).
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BankersOnline.com
Professional Compliance Nerd since 1976
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#2156871 - 12/12/17 08:56 AM Re: LE - Section G Initial Payment at Closing [Re: Dan Persfull]
JoAnne Offline
Platinum Poster

Registered: 02/07/01
Posts: 792
Loc: Michigan
Actually he just wants to show taxes and he wants to use 13 months. (I love lenders!!)
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#2156872 - 12/12/17 09:03 AM Re: LE - Section G Initial Payment at Closing [Re: JoAnne]
rlcarey Online
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Registered: 07/16/01
Posts: 66682
Loc: Galveston, TX
Without knowing when the loan closed, when the first payment is due and when the taxes are due, there is no way to even come close to answering this question. If the taxes are due now, then it would go into prepaids and not the escrow account.
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