§ 1024.17 Escrow accounts.
Public Guidance Documents entitled “Annual Escrow Account Disclosure Statement - Format” and “Annual
- 1024 (Regulation X)
Search for terms in the sections, interpretations, and appendices in the Bureau regulations we currently have online.
Public Guidance Documents entitled “Annual Escrow Account Disclosure Statement - Format” and “Annual
(i) Under the reference “For now,” a statement that an escrow account may also be called an impound or
(c) Submit copies of any bonds, escrow or trust accounts or other financial assurance of completion of
(i) For transactions subject to RESPA, is determined under the escrow account analysis described in Regulation
Exception for post-consummation escrow accounts for distressed consumers.
(2) Escrow accounts established after consummation as an accommodation to distressed consumers to assist
(A) A statement that the consumer's property costs may change and that, as a result, the consumer's escrow
Some escrow account items may be billed for periods longer than one year.
If the creditor or servicer cancels the escrow account and the cancellation is not at the consumer's
the borrower's current monthly mortgage payment and the portion of the monthly payment going into the escrow
(c) Submit copies of any bonds or escrow agreements which have been posted to assure completion of the
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
(v) Amounts required to be paid into escrow or trustee accounts if the amounts would not otherwise be
telephone number that the consumer can use to request additional information about the cancellation of the escrow
amount, including a breakdown showing how much, if any, will be applied to principal, interest, and escrow
H-29 Escrow Cancellation Notice Model Form (§ 1026.20(e)) Description: This is a blank model form
transaction and only the terms of the legal obligation for the permanent phase require mortgage insurance or escrow
(i) If an escrow account analysis discloses a surplus, the servicer shall, within 30 days from the date
(2) Compute the borrower's monthly payments for the next escrow account computation year and any deposits
(iv) The total amount paid out of the escrow account during the same period for taxes, insurance premiums
(2) Failure to apply an accepted payment to principal, interest, escrow, or other charges under the terms
(2) The new servicer shall treat shortages, surpluses and deficiencies in the transferred escrow account
(ii) Provide that all funds received by the sellers are to be deposited in escrow accounts independent
(i) In conducting the escrow account analysis using aggregate analysis, the target balances may not exceed