Skip to content
BOL Conferences
Thread Options
#2160768 - 01/17/18 07:44 PM Annual Esc Statement & Conversion - help please!
Ms. X Offline
New Poster
Joined: Jan 2018
Posts: 24
Suggestions please on how would one would handle annual escrow statements when there is a core conversion and transaction history will not carry over to the new system. I am thinking that it could it be handled similar to change in service provider - short statement to coincide with end of old system, then new computation year would start on day 1 of new provider. Could this work? Would the previous year projection be required to be included at the end of first computation year with new provider or would it be treated more like the establishment of a new account and prior projection would not factor in. Thanks!

Return to Top
RESPA
#2160893 - 01/18/18 04:57 PM Re: Annual Esc Statement & Conversion - help please! Ms. X
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Yes, you can issue a short year statement & start a new computation year. That will be confusing to many customers because they may have just received their annual statement and now get a short year statement with only a month or 2 on it. If you choose this method, you're not starting a new account. You are simply cutting off the historical info and starting a new year of historical info. Thus, the previous year projection would not be included at the end of the first (new) computation year with the new provider. Only info since the conversion would be shown. You still have to give the prior projection, so how is that going to transfer to the new system? Maybe you can print and scan those. Then when you get a year out, you simply give them a copy of the projection - much like a 1 year old escrow and you give them a copy of the initial disclosure (some banks do it that way).

I hope this makes sense. If not, post again and add dates as an example. I'll try to follow up if it's not clear.

It's too bad the conversion can't grab the historical info (but you know that).
_________________________
David Dickinson
http://www.bankerscompliance.com

Return to Top
#2160915 - 01/18/18 07:01 PM Re: Annual Esc Statement & Conversion - help please! David Dickinson
Ms. X Offline
New Poster
Joined: Jan 2018
Posts: 24
Thanks David! I was thinking that this would be the best solution but open to other ideas. Thanks again!

Return to Top

Moderator:  QCL