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#2199509 - 11/30/18 04:19 PM Escrow Analysis - Customer Request Analysis
Antilles Offline
100 Club
Antilles
Joined: Jan 2007
Posts: 216
Southern US
The loan closed in February 2018. Bank ran the first annual escrow analysis in October 2018 prior to the 2018 tax payment becoming due. The taxes paid in November 2018 was based on an empty lot value rather than the completed house value. The customer is requesting the Bank run the analysis again due to the taxes paid on his behalf was significantly less than what was estimated at closing. The analysis run prior to closing was based on the completed house value since this was a refinance of a construction only loan. Should we honor his request to re-run the analysis and if applicable provide the refund since we know that the balance of this account is over the required cushion and amount needed to cover the 2019 insurance an property taxes (based on completed house value)?
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"Success is going from failure to failure without a loss of enthusiasm." - Sir Winston Churchill

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#2199540 - 11/30/18 05:30 PM Re: Escrow Analysis - Customer Request Analysis Antilles
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,931
Galveston, TX
Will that not cause them to be significantly short in 2019 for taxes? Otherwise, you can run a short year analysis anytime you feel like it.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2199553 - 11/30/18 06:29 PM Re: Escrow Analysis - Customer Request Analysis Antilles
Antilles Offline
100 Club
Antilles
Joined: Jan 2007
Posts: 216
Southern US
We ran a test short year analysis and it did not show them short for 2019.
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"Success is going from failure to failure without a loss of enthusiasm." - Sir Winston Churchill

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#2199559 - 11/30/18 07:23 PM Re: Escrow Analysis - Customer Request Analysis Antilles
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,931
Galveston, TX
Then I do not understand the issue.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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