CFPB Releases Escrow FAQ’s
The Consumer Financial Protection Bureau (CFPB) released a new set of FAQ’s covering topics under the escrow section of Regulation X. The new FAQ’s provide a general summary of the escrow requirements such as defining an escrow account, determining an escrow account computation year, and completing the annual escrow statement. Other questions detail how to complete the required escrow analysis and handle the findings of deficiency, shortages, or surplus in an account. Lastly, the FAQ’s discuss communication with the borrower to modify the escrow account based on the escrow analysis.
The Proctor Loan Protector Compliance Team will continue to monitor the Agencies for new guidance.