Initial Escrow Account Statement Timing

When you establish an escrow account to pay a borrower’s taxes, insurance, etc., you must provide them an Initial Escrow Account Statement.  Generally, this is given at loan closing, but it can technically be provided after closing and still be compliant.  There are also additional timing requirements in certain instances where you might add an escrow account to an existing loan.

David explains these in the video.

Ready to learn more?  JOIN US for our webinar, “All About Escrowing & Escrow Accounts”.  Featured topics include:

  • CFPB Escrow Accounts FAQs
  • Required vs. Voluntary Escrow Accounts
  • Initial, Annual, Short-Year & Payoff Statements
  • Surpluses, Shortages & Deficiencies
  • Step-by-Step Escrow Account Analysis
  • TILA’s HPML, TRID & Flood Insurance Intersections
  • Best Practices
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