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#2226422 - 11/27/19 04:12 PM Renewing a Balloon - Escrow?
frumpette Offline
Junior Member
Joined: Sep 2009
Posts: 35
We're reaching renewal periods for our balloon loans (yes, we still do those) and a few of them were offered the option to opt-out of flood insurance escrows back when the rule went in to effect. My understanding is that the Opt Out was for existing loans at the time, and that a simple renewal of a balloon is a MIRE event ... which would normally trigger the escrow obligation. The customer opted out - I am assuming that the opt-out carries forward.
Correct??
Last edited by frumpette; 11/27/19 04:15 PM.
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Flood Compliance
#2226427 - 11/27/19 04:44 PM Re: Renewing a Balloon - Escrow? frumpette
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,368
Galveston, TX
Any MIRE event extinguishes any previous opt-out by the customer.
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