I am awaiting a response to this question from a BOL Guru. In the meantime, I wanted to see if any of you had any comments or suggestions.

This may be a confusing question. On a construction loan with permanent financing w/ one closing and the initial escrow analysis is done at the closing date, can the annual analysis be done 12 months after the construction period ends?
Example: Loan closes Jan 1st, analysis is done Jan 1st. Perm. financing takes effect July 1st of the same year. Can the analysis be done July 1st of the following year, or does it have to be done in January?

Thanks!

Escrow account computation year is a 12-month period that a servicer establishes for the escrow account beginning with the borrower's initial payment date. The term includes each 12-month period thereafter, unless a servicer chooses to issue a short year statement under the conditions stated in §3500.17(i)(4).

IMO it would be done in July, unless you did a Short Year Statement as allowed under 3500.17(i)(4).