§ 1026.34 Prohibited acts or practices in connection with high-cost mortgages.
(ii) At the election of the consumer, through a third-party escrow agent in accordance with terms established
- 1026 (Regulation Z)
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(ii) At the election of the consumer, through a third-party escrow agent in accordance with terms established
Except as provided in paragraph (b)(3)(ii) of this section, a creditor or servicer may cancel an escrow
(ii) Any amount that is paid to the seller or held in trust or escrow by an attorney or other party under
(C) A statement of whether the creditor or servicer offers the option of keeping the escrow account open
If an escrow agent is used in both cash and credit sales of real estate and the agent's charge is $100
Model form H-29 contains the disclosures for the cancellation of an escrow account established in connection
Notwithstanding paragraph (b)(3)(i) of this section, a creditor or servicer shall not cancel an escrow
payments, together with an estimate of taxes, insurance, and assessments and the payments to be made with escrow
, other than amounts identified in § 1026.4(b)(5), expressed as a monthly amount, even if no escrow
statement, including a breakdown showing the amount, if any, that was applied to principal, interest, escrow
provide disclosures required by § 1026.20(e)(2) when the underlying debt obligation for which an escrow
periodic payment under § 1026.36(c)(1)(i) is an amount sufficient to cover principal, interest, and escrow
estimated payment amount for taxes and insurance must be disclosed if the creditor will establish an escrow
Timing requirements Section 1026.20(e)(5)(i) provides that if the creditor or servicer cancels the escrow
delinquency begins on the date an amount sufficient to cover a periodic payment of principal, interest, and escrow
(D) Neither the creditor nor its affiliate maintains an escrow account of the type described in paragraph
the creditor bases the numerical disclosures required by those paragraphs on amounts derived from the escrow
Effective dates for the post-consummation escrow cancelation disclosure and partial payment disclosure
to cover the scheduled January 1, 2016 periodic payment of principal, interest, and, if applicable, escrow
A creditor is required to escrow for payment of property taxes for all first-lien higher-priced mortgage
real property or a dwelling, other than a reverse mortgage subject to § 1026.33, for which an escrow
For example, an escrow account must be established on a higher-priced mortgage loan secured by a first
months covered by an escrowed amount collected at consummation, and the total amount to be paid into the escrow
months covered by an escrowed amount collected at consummation, and the total amount to be paid into the escrow
months covered by an escrowed amount collected at consummation, and the total amount to be paid into the escrow