FORUM PROFILE

Escrow payment

Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • #2552
    Marcella
    Participant

    Change in payment amount being received from the customer from P&I plus escrow to the P&I amount only. Is there anything we need to do on the escrow side, except to contact the customer and inquire why payment not is less the escrow amount?

    #3011
    JGo9
    Participant

    Marcella,

    From what you posted it sounds like the customer is the one that decided to stop sending the escrow portion of the payment. I would most certainly call the customer and see why this has happened. I would decide my plan of action after speaking to the customer once you find out why.

    I’m not sure how many payments they have failed to send you the escrow portion, but this could create a deficiency when you do your annual analysis.

    #3014
    dmurray
    Participant

    How do you post your payments? (I.e. Escrow, Interest, Principle, then Late Charges?) You should still be collecting for escrow up front, even though they’ve changed their payment amount. (Especially if this escrow account is mandatory on their loan due to being considered an HPML.) One way or the other, something’s going to end up short.

    Like JGo said, I’d definitely contact the customer and inquire why they’re not sending in the additional payments.

    You might want to do a preliminary analysis to figure out where they stand if you haven’t been collecting the escrow payment.

Viewing 3 posts - 1 through 3 (of 3 total)
  • You must be logged in to reply to this topic.