§ 1024.17 Escrow accounts.
(h) Format for initial escrow account statement.
- 1024 (Regulation X)
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(h) Format for initial escrow account statement.
and accounting method used by the transferor servicer, then the new servicer may continue to use the escrow
A servicer shall not be considered unable to disburse funds from the borrower's escrow account because
(ii) Pursuant to § 1024.17(h)(2), the servicer may incorporate the initial escrow account statement
examine the federally related mortgage loan documents to determine the applicable cushion for each escrow
This section sets out the requirements for an escrow account that a lender establishes in connection
(i) Where a new servicer provides an initial escrow account statement upon the transfer of servicing,
borrower may agree either orally or in writing to a servicer's crediting of any remaining balance in an escrow
(ii) The servicer may conduct an escrow account analysis at other times during the escrow computation
(11) As allowed by § 1024.17, relating to an initial escrow account statement.
(2) Servicer may credit funds to a new escrow account.
(a) Timely escrow disbursements required.
(v) The balance in the escrow account at the end of the period;
(iii) The total amount paid into the escrow account during the past computation year;
(i) If the deficiency is less than one month's escrow account payment, then the servicer:
(ii) Charges during the life of the escrow account.
All servicers must use the aggregate accounting method in conducting escrow account analyses.
Block 9, “Initial deposit for your escrow account.” - In this block, the loan originator must estimate
If a discretionary payment is established or terminated during the escrow account computation year, this
(i) Charges at settlement or upon creation of an escrow account.
Public Guidance Documents entitled “Annual Escrow Account Disclosure Statement - Format” and “Annual
Some escrow account items may be billed for periods longer than one year.
the borrower's current monthly mortgage payment and the portion of the monthly payment going into the escrow
cushion must be no greater than one-sixth (1/6) of the estimated total annual disbursements from the escrow
the past year's monthly mortgage payment and the portion of the monthly payment that went into the escrow