Once the minor beneficiary of a TUTMA account reaches the age of 18, is it the bank's responsibility to close out the account or transfer it to the ownership of the beneficiary?
I've been asked to offer options to the Loan Operations Manager for a situation related to escrow. This started with the bank's purchase of a smaller institution a little over a year ago. This smaller institution was apparently not properly calculating escrow requirements. To add to the problem, last year they gave huge refunds to borrowers in error. Now, we have borrowers whose escrow accounts are deficient and they cannot make the new calculated loan payments. What is the best plan of action to get these borrowers back on track?
What is a LLD in relationship to an account relationship, examples, Individual, (IND) Joint, (JNT)Corporation (COR), Business (BUS), etc.? I think it has something to do with a landlord/tenant.
Can a for-profit business open an escrow savings account or does it have to be a non-interest earning account?
Our bank is completing an application for a second mortgage closed-end loan. The annual percentage rate quoted on the loan resulted in the application being identified as a high-priced mortgage loan. Are we required to establish an escrow account for this transaction?
I work in loan operations at a community bank and we do not currently escrow our in house mortgages. However, with all of the new and proposed changes we are most likely headed in that direction. Any suggestions on where to begin our research into vendors/software... to start this process?
In opening an account for a 1031 exchange - can the owners of the funds be joint with right of survivorship or can one owner name a beneficiary?
An attorney who represents the personal rep of an estate wants to deposit a check payable to the estate into his escrow (Attorney) account. is that permissible?
When a customer does not want to have taxes and insurance escrowed any longer, what form do they need to sign to cancel?
Currently, when we receive a IRS Tax Levy, we look at the Social Security Number or EIN Number on the Levy and the name. We then research this information in our system to see if they have an account(s) and what funds are available to hold on the day the Levy is presented. We base this on the Name and EIN or Social Security Number provided on the Levy. My question is if we perform our search and determine that the primary name and Social Security number on the account does not match the Levy but the person the Levy pertains to is a signer or secondary owner to the account (Joint Account), should we hold those funds? Should this be done even if it's a Business, Minor Account, IOLTA, Escrow etc.? I would think consideration should be given to the relationship the person upon whom the Levy is presented has to the account.