Creating the Escrow Closing Notice in Servicing Director

Creating the Escrow Closing Notice in Servicing Director

The disclosure applies to consumer credit secured by a first lien on real property, or a dwelling for which an escrow account was established and will be cancelled (either at the consumer's request or by the lender/servicer). It does not apply to reverse mortgages.
 
New fields have been added to the Tracking Escrow Information Screen.
You can access the Tracking screen by the following:
  1. Select the Tracking Application.
  2. Select the loan number.
  3. Select Escrow Information.
New Fields on the Escrow Information Screen are as follows:
  • Date Escrow Closes - The date that the escrow account will be closed
  • Borrower Requested Check Box - Designates if the closure of the escrow account was requested by the borrower. If the check box is not selected, the disclosure will indicate it was closed at the servicer's request.
  • Closing Fee - Indicates the fee that is required to close the escrow account. You must assess this fee manually.
  • Response Deadline - Designates the date by which the borrower must contact the servicer if they want to leave the escrow account open.
    Note: If you do no want to offer this option, the field can be left blank. This will determine which sentence is presented on the disclosure.

ArticleNumber:

000050982

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