Escrow Analysis Practical Guide

Product Code: AO-EAPG, Practical Guide

Related Products/Topics: foreclosure, mortgage education, mortgage compliance, escrow

As it relates to mortgage loans, an escrow account is for the purpose of collecting funds monthly from the borrower for payment of taxes, insurance, and other escrow items. The servicer pays these items as they become due using the funds in the escrow account. The amount of the monthly escrow deposit is determined at loan origination using the latest figures available. An initial deposit is collected at loan closing and thereafter, monthly deposits are made to the account as part of the monthly mortgage payment. In theory, this sounds simple; however, anyone who has worked in an Escrow Department of a mortgage banking firm knows this is a difficult task.

AllRegs Academy’s Escrow Analysis Practical Guide helps to demystify the process by focusing on the requirements for analyzing escrow accounts using pertinent examples. In this guide, you will learn when to conduct the escrow analyses. The analysis determines what funds are in the account, and how to determine the correct amount to be collected in the monthly payment. It also establishes the monthly escrow payment amount for the borrower. Some may choose to analyze all loans at the same time once a year, while others analyze loans according to the state the property is located in. Since taxes usually represent the largest disbursement from the account, you will learn about shortages and deficiencies that usually occur with the payment of taxes.

In this searchable online guide, you will learn about the requirements for analyzing accounts and look at examples with varying situations. The analyses are performed by the servicer's processing system; however, a good understanding of the process is essential to the Escrow and Customer Service Department’s staff.

What's Inside

Users will benefit from the following features, exclusive to the Escrow Analysis Practical Guide:

• Chapter 1: Introduction
• Chapter 2: What is Included in Escrow Accounts?
• Chapter 3: RESPA and HUD's Final Rule
• Chapter 4: Initial Disclosure Statement
• Chapter 5: Annual Escrow Disclosure Statement

Users will benefit from the following features, exclusive to AllRegs MortgageMentor™ series of Practical Guides:

• Direct links to supporting agency publications, announcements and guidelines in AllRegs Online
• User-friendly, "how-to" format covering every requirement a lender must follow
• Cross-referenced information that provides single points of reference throughout the guide
• "Best practices" for lenders to use as guidance for common procedures and widely accepted standards in the industry
• Agency contact information
• Continually updated as agency changes and actions require
• A liberal site license allows for registered users to simultaneously access their own virtual copy, to bookmark and annotate as they please

Target Audience

The Escrow Analysis Practical Guide is designed for use by the following mortgage professionals:

• Mortgage servicers
• Loan processors
• Underwriters
• Processors
• Operations managers
• Quality control auditors
• Quality assurance professionals
• Compliance auditors and specialists
• Loan officers and loan originators
• Mortgage bankers
• New mortgage professionals or new hires
• Any mortgage professional looking for a refresher or introduction to the mortgage process
• Mortgage professionals looking to move from one area of the business to another

Authors

Linda S. Chandler

Linda S. Chandler is an author and course developer with over 30 years of mortgage industry experience in various areas of loan servicing, with an emphasis on escrow administration and foreclosure processing. She was a department manager at various companies over the years. She is the author of the Handbook of Escrow Procedures, originally published in 1996 by the Mortgage Bankers Association (MBA) and updated in March 2001. Other authored publications include:

• Escrow 2003 Training Package
• Insurance 2003 Training Package
• Insurance State Laws
• Handbook of Real Estate Taxes for Pennsylvania and New Jersey
• Save Money on Your Mortgage Loan

Judy A. Whiteside

Judy A. Whiteside is an author and course developer with over 30 years experience in the mortgage industry. She has managed several departments, including Shipping, Customer Service, Cashiers, Collections, Foreclosures and Bankruptcies. Judy and Linda S. Chandler are co-authors of the following publications:

• Escrow Department Training Manual, Loan Administration
• Escrow Analysis Training Manual
• Mortgage Servicing for Beginners
• FHA Foreclosures Training Manual

Subscription Information

Subscriptions are based on site-wide licensing. All users at one company site have access to the Escrow Analysis Practical Guide, a title in the MortgageMentor™ series. The annual subscription rate for one location is $495.

For more information, call our sales and customer service department at (800) 848-4904 or email sales@allregs.com.