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#1719658 - 07/12/12 09:15 PM Escrow to no escrow
Em Offline
100 Club
Joined: Jan 2004
Posts: 125
Omaha, Nebraska
If originally it was disclosed that the borrower would have escrows and now they decided they wanted to waive escrows, do we need to redisclose? No HUD tolerance fees will be changing, nor loan amount, rate, or tern, we just no longer have an intial deposit of escrow reserves.

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RESPA
#1719665 - 07/12/12 09:26 PM Re: Escrow to no escrow Em
raitchjay Online
Power Poster
Joined: Oct 2009
Posts: 9,088
OK
Short of the customer exercising a rate lock, the only time you need to redisclose is to capture a fee. If there were an escrow waiver fee involved and you wanted to capture that, there's guidance in the FAQs i believe on how to properly redisclose in that scenario.
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