§ 1024.17 Escrow accounts.
(i) Annual escrow account statements.
- 1024 (Regulation X)
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(i) Annual escrow account statements.
(1) Escrow account analysis.
(2) Time of submission of initial escrow account statement for an escrow account established after settlement
As noted in § 1024.17(c)(2), the servicer shall conduct an escrow account analysis before establishing
(i) As noted in § 1024.17(c)(2) and (3), the servicer shall conduct an escrow account analysis
(j) Formats for annual escrow account statement.
A servicer may issue a short year annual escrow account statement (“short year statement”) to change
(5) Notice of shortage or deficiency in escrow account.
(iii) After an initial or annual escrow analysis has been performed, the servicer and the borrower may
(2) Escrow analysis at creation of escrow account.
(3) Subsequent escrow account analyses.
(1) Contents of annual escrow account statement.
Escrow account computation year is a 12-month period that a servicer establishes for the escrow account
(i) The initial escrow account statement shall include the amount of the borrower's monthly mortgage
(i) If an escrow account analysis discloses a shortage of less than one month's escrow account payment
(1) The format and a completed example for an initial escrow account statement are set out in Public
Appendix E to this part sets forth examples of aggregate escrow account analyses.
(g) Initial escrow account statement -
(2) Incorporation of initial escrow account statement into HUD-1 or HUD-1A settlement statement.
A servicer is not required to credit funds in an escrow account to an escrow account for a new mortgage
(b) Refund of escrow balance —
(d) Methods of escrow account analysis.
(ii) If an escrow account analysis discloses a shortage that is greater than or equal to one month's
The short year statement shall end the “escrow account computation year” for the escrow account and establish
(c) Limits on payments to escrow accounts.