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#1975368 - 11/07/14 09:44 PM New Mexico Home Loan Protection Act
Gotwood Offline
Platinum Poster
Joined: May 2001
Posts: 715
If we as a Ntl bank make an 85%ltv closed-end consumer purpose loan secured by the consumer's principal residence, are we required to comply with the escrow requirements for taxes and insurance under Section 58-21 N? My auditor is saying yes and my mortgage team is saying no.

Appreciate any input.

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#1975412 - 11/08/14 09:50 PM Re: New Mexico Home Loan Protection Act Gotwood
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
I vote no:

12 CFR § 34.4 Applicability of state law.

(a) A national bank may make real estate loans under 12 U.S.C. 371 and § 34.3, without regard to state law limitations concerning:

(6) Escrow accounts, impound accounts, and similar accounts;
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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