05/22/2016
For the permanent phase of a construction to permanent loan, how would a voluntary escrow for taxes be disclosed on the LE and CD?
05/15/2016
If the borrower is voluntarily increasing their monthly escrow amount, do you list that on the CloD issued? (For example, real estate taxes)
02/07/2016
With the escrow ruling becoming effective January 1, 2016, does anybody have any sample correspondence that they are sending to their borrowers explaining this new rule and the requirement to escrow their flood insurance premium?
01/10/2016
With the escrow ruling becoming effective January 1, 2016, does anybody have any sample correspondence that they are sending to their borrowers explaining this new rule and the requirement to escrow their flood insurance premium?
12/06/2015
We have a borrower who is consistently past due on the taxes for the collateral on our loan. In the past we have advanced the amounts due on the principal balance and re-amortized the payments. Now we are discussing setting up an escrow account on this loan. Are we prohibited from advancing the initial deposit for the escrow account on the loan?
11/01/2015
Regarding the Loan Estimate under Estimated Taxes, Insurance and Assessments: We were told that we had to estimate taxes, insurance including flood and other assessments In order to complete the monthly payment. How are we going to know if they are in a flood zone within 3 days of application with out running a determination? I would like to not incur that expense until we get back the intent to proceed.
10/11/2015
Is there a model letter that is available to send to borrowers to extend the offer to escrow for flood insurance on their loans, if the loan is still outstanding on 12/31/15?
07/05/2015
For secondary market is it required to collect a full year hazard insurance premium on a refinance if escrow is being waived?
03/02/2015
We are an Illinois national bank with a consumer home mortgage loan made in July 2010. The loan has an escrow account and the balance in now paid down 65% of the original note amount. Do we need to send the Illinois Escrow Decline Notice (IED) now or wait until it is 5 years old? Previously we sent IED notices after one year - now its 5 years. BTW, the account does not have any other defaults.
02/16/2015
We have a customer's home mortgage that is cross-collateralized with the their commercial building. The mortgage is now going to require escrowing for hazard insurance and property taxes. Do we also have to escrow for the insurance and taxes on the commercial building?