Mortgage Servicing Escrow Accts General 1 – What is an escrow account under Regulation X?

Compliance > Regulation X and Z - Servicing
Q:   What is an escrow account under Regulation X?
 
A:   (UPDATED 6/2/2021):Regulation X provides that an escrow account is any account established or controlled by a servicer on behalf of a borrower to pay taxes, insurance premiums, or other charges with respect to a federally related mortgage loan, including those charges that the servicer and borrower agreed to have the servicer collect and pay. 12 CFR § 1024.17(b).
 
 
This Q&A was contained in the CFPB’s Mortgage Servicing FAQs – version 3, as of June 2, 2021 (which may be updated from time to time).  This may be found on the CFPB’s website here:  https://files.consumerfinance.gov/f/documents/cfpb_mortgage-servicing_frequently-asked-questions.pdf
 

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