Escrow for HO Ins

Posted By: rachelchri

Escrow for HO Ins - 02/16/15 07:52 PM

One of our lenders is currently doing a loan which will be a High Priced Mortgage Loan. She's aware of the escrow requirements, but the customer said that they pay their Home Owners Insurance monthly with their Auto Insurance. Are we allowed to waive the requirement that the Home Owners insurance be escrowed, or is the customer required to change their billing (from monthly to annually, etc) for escrow purposes?
Posted By: Dan Persfull

Re: Escrow for HO Ins - 02/16/15 08:02 PM

Are we allowed to waive the requirement that the Home Owners insurance be escrowed

Under what premise do you propose to waive the escrow requirement for the homeowners insurance?

There is nothing that would prevent you from escrowing for a monthly homeowners insurance premium.
Posted By: John Burnett

Re: Escrow for HO Ins - 02/17/15 01:55 PM

More emphatically, if it's an HPML, you aren't permitted to waive the escrow requirement.