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Dealing with Escrows

Setting up and managing escrow accounts, also known as impounds, can be a daunting exercise. There are also several regulatory requirements that cover them. This webinar will provide you with the information you need to understand the requirements and all the laws and regulations that deal with escrow accounting.

Upcoming
Thursday, January 9th, 2025
10:00 am - 12:00 pm
Presented by Carl Pry
2.5 CRCM Credits
$299.00 or 1 Token

Includes: Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts

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

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There are several rules, such as certain provisions within Regulation Z (for Higher-Priced Mortgage Loan transactions) and the flood insurance rules, that require a lender to escrow for various items in certain instances. Then there are requirements under Reg. Z’s TRID rules that mandate how the initial escrow payments should be disclosed. And lastly, RESPA has specific requirements around how to maintain the escrow account, as well as limitations on how much can be maintained in the account.

Keeping these requirements straight can be a hassle – lenders must know which of the requirements applies in what circumstance, meaning the loan type. Not all the requirements apply to all real estate transactions, for instance.

It is clear that the regulatory agencies (and Congress) favor escrows, as they even note a borrower’s payment responsibilities, therefore lessening the likelihood of default. It’s important to get the rules right.

This webinar will provide you with the information you need to understand the requirements and all the laws and regulations that deal with escrow accounting. We'll discuss disclosure requirements and where escrow information will appear on disclosure forms, as well as general escrow mandates, among other information.

What You'll Learn

  • What loans require escrows under Reg. Z’s HPML rule, and what fees must be escrowed
  • Disclosure requirements of escrow information on TRID forms (Loan Estimate and Closing Disclosure)
  • RESPA’s escrow requirements, including disclosures, accounting rules, and limitations
  • RESPA’s aggregate accounting method, including examples
  • Disclosures: initial, annual, and short-year account statements
  • Dealing with surpluses, shortages, and deficiencies
  • What to do about payment shock
  • When escrowing for flood insurance premiums is required

Who Should Attend

This session is ideal for mortgage lenders, originators, compliance professionals, auditors, senior management, and anyone else involved in the mortgage or escrow process.

Carl Pry

Instructor Bio

Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Senior Advisor for Asurity Advisors in Washington, DC. Through his more than 30-year 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 as the Chair of 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

Dealing with Escrows has been approved for 2.5 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for both Live and OnDemand viewing. For questions on certificates, please email support@oncourselearning.com. Certification holders must report these credits at https://aba.csod.com.

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