Skip to content
BOL Conferences
Learn More - Click Here!

New Reply Thread Options
#2167832 - 03/13/18 04:23 PM escrow account and PMI on page 4 of CD
Anonymous
Unregistered

We were told that on the Closing Disclosure page 4 that the amount for the property costs over year 1 should include PMI. PMI isn't a property cost so how can this be? The model forms do not include PMI in this amount on page 4. Was this correct?

Return to Top Reply Quote Quick Reply Quick Quote
#2167845 - 03/13/18 04:55 PM Re: escrow account and PMI on page 4 of CD Anonymous
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
Changed in the 2017 amendments:

Paragraph 38(l)(7)(i)(A)(4).

1. Estimated costs paid using escrow account funds. The amount the consumer will be required to pay into an escrow account with each periodic payment during the first year after consummation disclosed under § 1026.38(l)(7)(i)(A)(4) is equal to the sum of the amount of estimated escrow payments disclosed under § 1026.38(c)(1) (as described in § 1026.37(c)(2)(iii)) and the amount the consumer will be required to pay into an escrow account to pay some or all of the mortgage insurance premiums disclosed under § 1026.38(c)(1) (as described in § 1026.37(c)(2)(ii)).
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top Reply Quote Quick Reply Quick Quote
#2167850 - 03/13/18 05:10 PM Re: escrow account and PMI on page 4 of CD Anonymous
Anonymous
Unregistered

Thank you

Return to Top Reply Quote Quick Reply Quick Quote
Quick Reply:
HTML is disabled
UBBCode is enabled




Moderator:  MagicCity, P*Q, Truffle Royale