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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...

Thanks.

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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.
ADMINISTRATION OF ESCROW ACCOUNTS.
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:
https://www.consumerfinance.gov/eregulations/1026-35/2013-30108_20150718#1026-35-b

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#2184834 - 07/10/18 10:24 PM Re: escrow requirements George
Wedge Offline
New Poster
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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