Escrow Accounts (+ Manual)

Several Federal laws regulate the establishment and administration of escrow accounts (also referred to as “impound” accounts) for consumer transactions.

This seminar provides a 3-hour in-depth review of rules that impose procedural requirements for escrow accounts (e.g., the aggregate analysis rules under the Real Estate Settlement Procedures Act (RESPA)), disclosure requirements (e.g., on the Loan Estimate and Closing Disclosure) may require that an escrow account be established in particular circumstances (e.g., the Flood Insurance rules).

During the Escrow Accounts seminar, we will discuss the following topics. The seminar will provide a discussion of the rule as well as examples to demonstrate the requirements:

• When an escrow account is required
  • Truth-in-Lending, Regulation Z, “Higher-priced mortgage loans” (Section 35)
  • Flood insurance
• Loan Estimate and Closing Disclosure requirements
  • Where and how disclosed
  • Effect of tolerances and mistakes/corrections
• RESPA administration
  • Aggregate analysis
  • Estimating disbursements and timing
  • Initial and annual statements
  • Surpluses, shortages, and deficiencies
  • Short-year

Duration:                          3 hours

Level:                                   The seminar is at a basic/intermediate level.

Prerequisites:                  Basic understanding of lending.

Audience:             This program is intended for:

• • • • Financial institution compliance and risk executives and officers, as well as any member of the institution where knowledge or understanding of Escrow Accounts is important or helpful, including loan officers and loan processors.
      • Examiners and third-party consultants, auditors, and related companies.

Delivery Method:    On-Demand

Materials:                   Manual and PowerPoint presentation