I am trying to find the regulatory requirement for the contents of the short year statement that is generated when an escrowed loan pays off. Our statement contains year to date history so the total contributions and total disbursements are huge amounts. The requirements for the annual statement mention previous year's totals so I was concerned this might not be compliant but the loan operations manager says this is just how the core system does these. Does anyone know if this is ok or is anyone else using Fiserv premier that can tell us what to change to make the short year statement only do the history since the last annual statement?

Thanks

Your final statement should really not look much different than any other short year statement that you produce - just that you won't send them a next year's projections page.

That's what I thought too. I'm not sure what is up with the loan to date history. . .

I'm not sure if it was clear or not, but I meant the short year statements contain the loan/escrow since the beginning of the loan so it's a few years! I thought it was just supposed to be since the last annual statement!

You were clear - a short year statement covers the period of time since the last escrow statement was delivered.

Escrow account computation year is a 12-month period that a servicer establishes for the escrow account beginning with the borrower's initial payment date. The term includes each 12-month period thereafter, unless a servicer chooses to issue a short year statement under the conditions stated in §1024.17(i)(4).

§1024.17(i)(4)(iii) Short year statement upon loan payoff. If a borrower pays off a federally related mortgage loan during the escrow account computation year, the servicer shall submit a short year statement to the borrower within 60 days after receiving the payoff funds.