* Please note that the recording will not be immediately delivered to you. Upon purchasing please allow 24-48 hours for delivery. The recording will come in the form of a web link via e-mail from email@example.com. The training manual that corresponds with the recording will be automatically delivered upon purchasing via email from the website.
The Real Estate Settlement Procedures Act (Regulation X) has contained rules for administering escrow accounts for many years. The Truth in Lending Act (Regulation Z) requires escrow accounts in connection with higher-priced mortgage loans. The interagency flood regulations were amended effective October 1, 2015 to add revised escrow rules.
This recording covers all of the escrow rules, including the long standing and the recently revised requirements of the flood regulations, Regulation X and Regulation Z.
This recording provides comprehensive coverage of the flood regulations, Regulation X and Regulation Z escrow rules. We explain, step-by-step, how to establish, maintain, and cancel escrow accounts under the amended requirements. Suggestions for avoiding violations and penalties are provided.
You will receive PowerPoint slides and a detailed manual that provides a thorough explanation of all the escrow rules. Both the recording and the materials are updated for the Dodd-Frank revisions to the regulations.
Upon completion of the program participants understand:
- Which loans are required by Regulation Z and the flood regulations to have escrow accounts, and which are exempt;
- The limitations on the amount of the required escrow payments at origination and over the life of the loan;
- How to conduct an escrow analysis;
- How to determine an escrow account computation year;
- The calculation of the amount of the allowed cushion;
- The rules for preparing the initial escrow account disclosure statement;
- The TRID rules regarding the escrow notices required in the Closing Disclosure;
- The expanded Flood Hazard Notice for Escrow information;
- The flood insurance option to escrow notice;
- How to prepare the annual escrow account statement;
- How to resolve a surplus, a deficiency or a shortage;
- Revised Regulation X rules for timely escrow payments and treatment of escrow balances;
- Regulation Z rules regarding escrow cancellation notices;
- The recordkeeping rules for escrow accounts; and
- The penalties for the failure to submit an initial or annual escrow account statement.
The recording is designed for compliance officers, operations personnel, mortgage loan officers, loan originators and others involved in opening and maintaining escrow accounts for mortgage loans.