There are several lending laws and regulations out there that require escrowing of taxes, insurance, and similar fees. And not only are there rules that require escrows, RESPA then mandates the accounting for the escrow be maintained pursuant to specific rules. In this webinar we’ll discuss the mechanics of establishing and maintaining escrow accounts, as well as in what situations escrows must be maintained.
In addition, there are several exceptions in the rules where small servicers are exempt from maintaining escrows if certain requirements are met.
- Escrowing under flood insurance rules – when escrow must be maintained, as well as notices
- Reg. Z escrow rules – HPML rules that mandate escrow accounts, plus opt-out possibilities
- RESPA requirements – what is an escrow account?
- Can we maintain a “voluntary escrow” and avoid the RESPA requirements?
- Calculating the initial deposit into the escrow account – aggregate accounting rules
- How to complete initial and final disclosures with escrow information
- Required notices and statements – initial, annual, and short-year
- The 3 documents that must be sent each escrow accounting year
- Dealing with surpluses, shortages, and deficiencies
Who Should Attend: Compliance Officers, Auditors, Branch Operations, Loan Operations and Online banking.
Speaker: Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Managing Director for Treliant Risk Advisors in Washington, DC. Through his working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to FIs and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues. He has spoken at scores of conferences on banking and compliance topics, and has conducted training sessions for FIs across the country.