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#2181410 - 06/12/18 11:59 AM ACH payments with Escrow
Angela Offline
New Poster

Registered: 09/16/14
Posts: 14
We have customers with escrow accounts that have their payments set up as ACH/AFT transactions. We have the customer sign the ACH/AFT form to authorize the automatic payments when they sign the note. Do we need the customer to re-sign the ACH/AFT form with the new amount when the payment amount changes due to increases in taxes and/or insurance? or is there a disclosure we can add to our form that covers these increases?

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Escrows on Higher-Priced Mortgages
#2181421 - 06/12/18 12:20 PM Re: ACH payments with Escrow [Re: Angela]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 67904
Loc: Galveston, TX
See 1005.10(d)(2).
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2181446 - 06/12/18 12:57 PM Re: ACH payments with Escrow [Re: Angela]
Angela Offline
New Poster

Registered: 09/16/14
Posts: 14
Thank you! smile

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