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Escrows, more than dirt

Answered by: 

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?

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 Escrow Rules

First published on 10/14/2021

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