Skip to content
BOL Conferences
Thread Options
#2293373 - 02/08/24 03:13 PM Reimbursing Borrower out of Escrow
Nicki Offline
New Poster
Joined: Oct 2023
Posts: 5
We have a borrower who we set up an escrow account for. He contacted his loan officer this week to let him know he accidentally paid the premium for his hazard insurance out of pocket and is now requesting that we reimburse him out of his escrow account for the premium. I have never come across a request like this before and I'm not sure if this is allowed. We do have proof of the customer's payment to the insurance company.

Is there a way to comply with this request?

Thank you for any feedback!

Return to Top
RESPA
#2293374 - 02/08/24 03:29 PM Re: Reimbursing Borrower out of Escrow Nicki
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,396
Galveston, TX
Run a short year analysis and refund the overage.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2293375 - 02/08/24 03:31 PM Re: Reimbursing Borrower out of Escrow Nicki
Nicki Offline
New Poster
Joined: Oct 2023
Posts: 5
Perfect! Thank you!

Return to Top

Moderator:  QCL