Escrows, more than dirt

Answered by:

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.
-----------------------------
Learn more about Andy Zavoina’s webinar Escrow Accounts A to Z