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3 Cards in this Set
- Front
- Back
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What is the maximum cushion for escrow? And why is there a cushion?
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The lender is entitled to a two month cushion of the payment being due, allowing for a tax or insurance increase prior to the payment being due and disbursed.
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What is the mortgage servicing disclosure statement? When should it be disclosed?
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Three business days of application, mortgage servicing disclosure statement is a statement that informs the consumer of the likelihood that the "servicing" of his mortgage will be sold
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Does RESPA require payment of interest in an escrow account?
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RESPA does not require payment of interest on an escrow account; however states are allowed to have tighter requirements as long as the law is consistent with RESPA
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