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#2184583 - 07/09/18 07:05 PM escrow requirements
J_G Offline
100 Club
Joined: Dec 2010
Posts: 224
Is there some hard fast Reg or Rule that states we MUST escrow if 1st lien and greater than 1 year?

Lending compliance is not my area of expertise...


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Lending Compliance
#2184804 - 07/10/18 08:02 PM Re: escrow requirements J_G
George Offline
Gold Star
Joined: Apr 2016
Posts: 364
35(b)(1) Requirement to escrow for property taxes and insurance.
Section 1026.35(b)(1) requires creditors to establish an escrow account for payment of property taxes and premiums for mortgage-related insurance required by the creditor before the consummation of a higher-priced mortgage loan secured by a first lien on a principal dwelling.

See this link for exemptions:

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#2184834 - 07/10/18 10:24 PM Re: escrow requirements George
Wedge Offline
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Joined: Apr 2015
Posts: 12
The Flood Insurance regulations also require an escrow account for flood insurance premiums and fees unless an exemption applies.

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