Saturday, August 12, 2017

What must be included in the annual escrow statement submitted by the servicer?

What must be included in the annual escrow statement submitted by the servicer?

A servicer is required to submit a statement to the borrower at least once for a 12-month period, and within 30 days of the conclusion of such period, a statement clearly itemizing the amount of the current monthly payment, portion of the monthly payment being placed in the escrow account, and the total amount paid out of the escrow account during the period.

Questions:  What must be included in the annual escrow statement submitted by the servicer?

Answer:  Total amount paid out of the account

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