Escrows, Yes, it’s that time again - 2020
Recorded on November 19, 2020 — 2 hours-
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If your bank does escrow statements at the year end, your busy season is fast approaching. If you do statements all year, you may have staff ready for a refresher.
Escrow accounts were once the domain of RESPA and HUD’s Reg. X. But interest has grown with the expansion of escrow accounts via flood requirements, Reg. Z’s Higher-Priced Mortgage Loans and the Dodd-Frank Act mandated changes. Once an escrow process is running, it needs maintenance and controls. Banks need to ensure they are managing the escrow process completely from inception of the loan through the final payment and with audits in-between.
In this two-hour webinar we will:
As an auditor, lender or loan administrator you have responsibilities to provide statements and to properly account for the dollars flowing into and out of escrow accounts. It is important to do it correctly or your bank could face criticism, fines, and your customers could suffer financial hardship.
We will show you what needs to be done so that whether you are a pro at managing escrows or these are new to you, you will know how to handle them. You will receive a detailed manual complete with examples to keep as a resource document. It isn’t necessary to stop making certain loans just because you feel the escrow accounts are too cumbersome.
WHO SHOULD ATTEND: Compliance officers, auditors, loan closers, loan administration staff and lenders will all benefit from this webinar.
Questions and Answers