What You Need to Know About Escrows, Webinar

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Covered Topics

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;
• The penalties for the failure to submit an initial or annual escrow account statement; and
• The revisions to the Regulation Z rules made by EGRRCPA.