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Escrows

In this webinar we’ll discuss the mechanics of establishing and maintaining escrow accounts, as well as in what situations escrows must be maintained.

OnDemand
Recorded Thursday,
February 25th, 2021
Presented by Carl Pry
2h total length
2.5 CEU Credits
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Compliance
  • Lending
  • Risk Management/Legal
  • Bank Legal Counsel
  • Branch Manager
  • Compliance Officer
  • Internal Auditor
  • Loan Closer
  • Loan Operations Manager/Specialist
  • Mortgage Lender
  • Senior Management

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There are several lending laws and regulations out there that require escrowing of taxes, insurance, and similar fees. And not only are there rules that require escrows, RESPA then mandates the accounting for the escrow be maintained pursuant to specific rules. In this webinar we’ll discuss the mechanics of establishing and maintaining escrow accounts, as well as in what situations escrows must be maintained.

In addition, there are several exceptions in the rules where small servicers are exempt from maintaining escrows if certain requirements are met.

What You'll Learn

  • Escrowing under flood insurance rules – when escrow must be maintained, as well as notices
  • Reg. Z escrow rules – HPML rules that mandate escrow accounts, plus opt-out possibilities
  • RESPA requirements – what is an escrow account?
  • Can we maintain a “voluntary escrow” and avoid the RESPA requirements?
  • Calculating the initial deposit into the escrow account – aggregate accounting rules
  • How to complete initial and final disclosures with escrow information
  • Required notices and statements – initial, annual, and short-year
  • The 3 documents that must be sent each escrow accounting year
  • Dealing with surpluses, shortages, and deficiencies

Who Should Attend

Anyone on the residential mortgage side of the business who is responsible for establishing or maintaining escrows, attorneys, closing agents, loan officers, compliance officers, auditors, testers, and management will all benefit from the information in this webinar.

"Carl is a wealth of knowledge in all things compliance and I would not have passed my CRCM exam if it wasn't for listening to many of his webinars along the way." -- Don Savino, SVP Risk Management, Pacific Western Bank

Carl Pry

Instructor Bio

Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Managing Director for Treliant Risk Advisors in Washington, DC. Through his working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and is a frequent contributor to and currently serves on the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at scores of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.

Continuing Education Credit Information

Recommended for 2.5 CEU Credit Hours. After attending this webinar, each attendee can receive a Certificate of Attendance for self-reporting of CEU Credits.

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