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Escrows, more than dirt

Question: 
While auditing a mobile home loan I saw escrow statements. Isn’t this unnecessary since RESPA doesn’t apply when we don’t have real estate as our loan collateral?
Answer: 

Escrow accounts may not be required under RESPA, but if this is also an HPML under Reg Z, you have a dwelling and that rule can trigger escrow requirements.
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Learn more about Andy Zavoina’s webinar Escrow Accounts A to Z

First published on 09/15/2019

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