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Loan Escrow - 1st Lien vs 2nd Lien

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Question: 
If we are doing a second lien on a primary residence and the first lien was secured before April 1st, will we have to escrow this loan?
Answer: 

Only loans secured by a first lien in the consumer's primary residence where the application was taken on or after 4/1/10 are subject to the mandatory escrow requirements.

First published on BankersOnline.com 6/07/10

First published on 06/07/2010

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