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Escrow Accounts Reg X and Primary Residences

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Question: 
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?
Answer: 

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 BankersOnline.com 11/21/11

First published on 11/21/2011

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