Real Estate Settlement Procedures Act (RESPA), the Bureau’s Regulation X, requires lenders, mortgage brokers or servicers of home loans to provide timely disclosures for the transaction. RESPA also sets specific requirements regarding analysis and statements for escrow accounts.
- Understand when an escrow account is needed and what is included
- Know the limits on an escrow account cushion
- Understand when analysis is required
- Know how to handle shortages, surpluses, and deficiencies
- Know the timing for providing statements
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