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#2130597 - 05/16/17 02:48 PM Short-Year Escrow Account Statement
SallyGirl Offline
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Joined: Aug 2014
Posts: 69
If a loan is servicing transferred effective with the date the borrower's first payment is due, must the transferor servicer still issue a short-year statement within 60 days of the effective date of the transfer? An Initial Escrow Account Statement was issued and an initial escrow deposit collected. However, no escrow account was actually established since the servicing is being transferred effective with the date the first payment is due.

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#2190069 - 08/22/18 02:40 PM Re: Short-Year Escrow Account Statement SallyGirl
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Joined: Apr 2002
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Southern State
I have the exact same question with one difference whereby servicing is transferred before the first payment. Anyone want to help out? I've read through 1024.2 for definitions but it is not clear to me, yet.
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#2193076 - 09/19/18 04:08 PM Re: Short-Year Escrow Account Statement SallyGirl
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Check out 1024.17(e)(ii) - it may answer your question. As I understand that section it would seem to say that if you are not changing the monthly payment or computation method for escrow, you should be able to use the old servicer's initial escrow statement and just send the annual notice at the end of the escrow computation year that was already established.

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