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Escrow Accounts Reg X and Primary Residences

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Regarding escrow accounts, does the reg (Reg X - Section 3500.17) specify that only primary residences apply? Do we need to escrow accounts where the loan was only modified with no money advanced?

RESPA does not specify only primary residences. If you have a loan subject to RESPA (say a vacation home) and you are escrowing the taxes/insurance on the loan, you must comply with Section 3500.17.

First published on 11/21/11

First published on 11/21/2011

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