Setting up and managing escrow accounts, also known as impounds, can be a daunting exercise.
There are several regulatory requirements that cover how escrow accounts should be disclosed, as well as how escrowed items, such as taxes and insurance, must be handled. RESPA in particular has specific requirements around how to maintain the escrow account, as well as limitations on how much can be maintained in the account.
Keeping these requirements straight can be a hassle, but it is clear that the regulatory agencies (and Congress) favor escrows, as they even out a borrower's payment responsibilities and therefore lessen the likelihood of default. It's important to get the rules right.
This training session provides you with the information you need to understand the requirements for how an escrow account must be established and maintained. We'll discuss disclosure requirements and where escrow information will appear on disclosure forms, as well as general escrow mandates, among other information.
Recommended Audience :
Loan officers and mortgage originators, Compliance and regulatory staff, Servicing and escrow account specialists, Underwriters and operations personnel. Anyone responsible for setting up, managing, or reviewing escrow accounts.
How This Course Helps You and Your Organization:
Understanding and managing escrow accounts is essential for accurate loan servicing and regulatory compliance. This webinar provides the clarity you need to navigate disclosure requirements, RESPA rules, and account management, helping you prevent errors, reduce risk, and handle surpluses, shortages, and payment issues with confidence. Equip yourself with the knowledge to manage escrows correctly and efficiently.
Topics Covered:- Disclosure requirements of escrow information on TRID forms (Loan Estimate and Closing Disclosure)
- RESPA's escrow requirements, including disclosures, accounting rules, and limitations
- RESPA's aggregate accounting method, including examples
- Disclosures: initial, annual, and short-year account statements
- Dealing with surpluses, shortages, and deficiencies
- What to do about payment shock
How The Course Works: - This is a 90-minute, on-demand webinar that you take at your leisure from your home or office
- Upon registration, you will receive an email with webinar access instructions
- You will have 60-day access to the session recording and presentation materials
What You Receive:- Online training content from a great instructor
- Access to the session recording
- Downloadable presentation slides used throughout the webinar
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