Skip to content
GeoDataVision
Thread Options
#2198306 - 11/15/18 05:29 PM Escrow Question
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
Customer had Tx and Haz Insurance escrowed. Customer has now cancelled insurance and we've not seen a refund here at the bank. Perhaps the customer has it. Is the bank required, at this point to force place insurance? Please note that at this low $5,700 loan balance our policy is to not require or track insurance coverage at this low threshold.
_________________________
Just working here until I get my letter from Hogwarts.

Return to Top
Mortgage Servicing Rules
#2198332 - 11/15/18 06:50 PM Re: Escrow Question HRH Okie Banker
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,704
Cape Cod
There is no compliance issue here. It's a business risk decision. If the bank is willing to let the borrower go without hazard insurance given the loan balance, it can do so, and keep its corporate fingers crossed there's no hazard loss before the loan is paid off.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#2198496 - 11/16/18 06:10 PM Re: Escrow Question HRH Okie Banker
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
Thanks.
_________________________
Just working here until I get my letter from Hogwarts.

Return to Top