Posted By: tickledpink
Escrow Shortages/Annual Statements - 12/02/08 07:51 PM
I'm currently reviewing our annual escrow statements. I know if the shortage is less than one month's escrow payment we have three courses of action,
1. Allow shortage to exist and do nothing.
2. Require the borrower to pay within 30 days
3. Require the borrower to repay in 12mo equal payments.
How about a shortage equal to or greater than. RESPA is stating I only have two courses of action.
1. Allow shortage to exist and do nothing or
2. Require the borrower to repay in 12mo equal payments.
Here is my question. Can we include a optional coupon at the bottom or our annual statement if the borrower wants to pay it in full if the shortage is equal to or greater? I think I'm getting caught up in three courses of action versus two courses of action.
Thanks
1. Allow shortage to exist and do nothing.
2. Require the borrower to pay within 30 days
3. Require the borrower to repay in 12mo equal payments.
How about a shortage equal to or greater than. RESPA is stating I only have two courses of action.
1. Allow shortage to exist and do nothing or
2. Require the borrower to repay in 12mo equal payments.
Here is my question. Can we include a optional coupon at the bottom or our annual statement if the borrower wants to pay it in full if the shortage is equal to or greater? I think I'm getting caught up in three courses of action versus two courses of action.
Thanks