Skip to content
BOL Conferences
Learn More - Click Here!

Thread Options
#272284 - 11/08/04 04:00 PM RESPA - Escrow Disclosure
Skittles Offline
10K Club
Skittles
Joined: Sep 2002
Posts: 13,965
TN
We're having some difficult accurately preparing our escrow disclosures. The local counties in Indiana reassessed the value of the homes and are still delinquent in some billings. FYI - Indiana bills for the spring taxes in May and the fall taxes in November.

For Clark County, IN they still having billed for the 2002 taxes which were due in 2003. 2003 due in 2004 have now been billed and paid (hopefully). When our mortgage department is preparing escrow statements, they are plugging in the 2002 taxes as due and payable in January 2005 (that's what the county is saying NOW). When this is done, it increases the customer's escrow payment by that amount divided by 12. This is over-billing the customer as these fees are collected at closing.

Does anyone have any thoughts on what we can do to correct this. The head of our mortgage department has suggested we use a line item in the HUD statement to collect the fees and not put them on the escrow statement.
_________________________
My Opinions Only

Return to Top
Operations Compliance
#272285 - 11/09/04 01:30 PM Re: RESPA - Escrow Disclosure
Skittles Offline
10K Club
Skittles
Joined: Sep 2002
Posts: 13,965
TN
I talked to Dan yesterday concerning this and just wanted to let any Indiana residents know what I found out from our examiner. He stated that the examiners are aware of the problem and there is no 'fix'. He told me that we need to to the best we can. He also stated that he wouldn't cite us for this problem, but of course he can't speak for any other examiners.
_________________________
My Opinions Only

Return to Top

Moderator:  Andy_Z, John Burnett