RESPA - Voluntary Escrow

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Question:

We are looking into allowing voluntary escrow, and see that we have to adhere to the provisions of 3500.17 of RESPA. Are there any other concerns about which we should be aware?

Answer:

Whenever you set up an escrow account, you should look at flood as well as RESPA. Also stay alert for developments with respect to higher priced mortgages and the seemingling constant and pending revisions to Regulation Z.

First published on BankersOnline.com 11/02/09