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Escrow Requirements on Higher Price Mortgages

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Question: 
Regarding escrow requirements on higher priced mortgages: is there a time when the borrower can be released from the escrow requirement?
Answer: 

Regulation Z, Section 1026.35(b)(3)(iii):

(iii) Cancellation. A creditor or servicer may permit a consumer to cancel the escrow account required in paragraph (b)(3)(i) of this section only in response to a consumer's dated written request to cancel the escrow account that is received no earlier than 365 days after consummation.

First published on BankersOnline.com 2/13/12

First published on 02/13/2012

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