Require escrow for hazard if PMI?

Posted By: mtngrrl

Require escrow for hazard if PMI? - 09/19/12 10:10 PM

If a loan has PMI on it, is there any requirement that we also escrow their hazard insurance? I have a lender who swears she was told this was a regulatory requirement, but I have not been able to locate any such requirement. I'm suspecting it was an internal requirement. Anyone know differently?
Posted By: Dan Persfull

Re: Require escrow for hazard if PMI? - 09/20/12 12:46 PM

Outside of an HPML there is no Federal requirement to escrow for insurance.
Posted By: mtngrrl

Re: Require escrow for hazard if PMI? - 09/20/12 03:07 PM

Thank you, Dan.