Short Year Escrow Statements

Posted By: Jay McGee

Short Year Escrow Statements - 04/18/17 11:12 PM

Good Afternoon,

If a loan is sold in the private market to an investor, should we send a short year escrow statement to the borrower?

Compliance Research.

ยง1024.17(i)(4)(ii)
Short year statement upon servicing transfer. Upon the transfer of servicing, the transferor (old) servicer shall submit a short year statement to the borrower within 60 days of the effective date of transfer.

https://www.consumerfinance.gov/eregulations/1024-17/2015-18239#1024-17-i-3
Posted By: rlcarey

Re: Short Year Escrow Statements - 04/18/17 11:41 PM

Yes
Posted By: Jay McGee

Re: Short Year Escrow Statements - 04/19/17 11:46 AM

Thanks Sir.