If we have only been escrowing for PMI on a loan and the customer now wants us to also collect in the monthly payment his RE taxes and insurance how do we handle the change in the escrow account? Do we just re-do all the initial disclosures and include the new amounts?
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Opinions are mine and subject to change frequently
Just add all the information and give them a new disclosure. It won't be an initial disclosure obviously, but we give a disclosure so they will have the correct payment information. You may need to collect money upfront also.
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