I have recently added escrow responsibilities to my job. We normally do all of our escrow annual statements in January. So, if a customer takes out a loan during the year, to "reset" the annual date they will get a short year statement that first year. I've noticed that the statements in this scenario include the following
"last year, we anticipated that payments from your account would be made during this period equaling 0.00. Under federal law, your lowest monthly balance should not have exceeded $.00 or 1/6th of the anticipated payment from the account, unless your mortgage contract or state law specifies a lower amount
Your actual lowest monthly balance was greater than $0.00"
Is the 0 amount correct? Our provider is saying its accurate because technically in the "last year" they did not have the loan so we did not anticipate any of those amounts. But that would mean there would never be a surplus, shortage, or deficiency on the first year short year statements. Is that okay?