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#2291279 - 11/30/23 10:09 PM Borrower requests impound account - must we?
Tarhe Offline
Diamond Poster
Joined: Nov 2006
Posts: 1,393
California
When not required by Reg Z or state law, if a customer should request an impound account for the payment of taxes/insurance, is the bank required to oblige? We do set up impound accounts for our HPMLs and for flood insurance (as required) - and for investor requirements on sold loans, but do not wish to set up an impound account otherwise. Thank you.

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Lending Compliance
#2291280 - 11/30/23 10:11 PM Re: Borrower requests impound account - must we? Tarhe
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,005
Galveston, TX
You are under no obligation unless there is a State law that requires 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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#2291281 - 11/30/23 10:27 PM Re: Borrower requests impound account - must we? Tarhe
Tarhe Offline
Diamond Poster
Joined: Nov 2006
Posts: 1,393
California
Thanks.

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