Posted By: Adam F
Annual Escrow Account Statement Question - 08/10/16 04:14 PM
I have the following statement generated by our system and I want to get some feedback to see if this is being handled properly.
Escrow period ends in June 2016. Escrow payment $92.54. Customer has not made a payment since January 2016. The account history page shows this:
February - $0
March - $0
April - $0
May - $92.54 (System assumed this would be made.)
June - $92.54 (Same for this one.)
And it shows an ending escrow balance of -$122.80.
Then the new projection page shows a starting escrow balance of $247.36. This number is obtained by not only assuming the last 2 payments would be made, but also the February, March and April payment would be made.
My questions are:
Shouldn't the ending escrow balance on the account history page match to the starting account balance on the new projection page?
If so, which page is correct? The account history or projection page?
Any thoughts are appreciated.
(I am aware of this 1024.17(i)(2); however, this has already been mailed to the customer by our operations staff. I am just trying to figure out if what we sent out is accurate for my compliance review.)
Thanks!
Escrow period ends in June 2016. Escrow payment $92.54. Customer has not made a payment since January 2016. The account history page shows this:
February - $0
March - $0
April - $0
May - $92.54 (System assumed this would be made.)
June - $92.54 (Same for this one.)
And it shows an ending escrow balance of -$122.80.
Then the new projection page shows a starting escrow balance of $247.36. This number is obtained by not only assuming the last 2 payments would be made, but also the February, March and April payment would be made.
My questions are:
Shouldn't the ending escrow balance on the account history page match to the starting account balance on the new projection page?
If so, which page is correct? The account history or projection page?
Any thoughts are appreciated.
(I am aware of this 1024.17(i)(2); however, this has already been mailed to the customer by our operations staff. I am just trying to figure out if what we sent out is accurate for my compliance review.)
Thanks!