Mortgage Servicing Escrow Accts General 6 – What information must be included in an initial escrow statement?

Compliance > Regulation X and Z - Servicing
Q:   What information must be included in an initial escrow statement?
 
A:   (UPDATED 6/2/2021): The initial escrow statement is the first disclosure statement that the servicer delivers to the borrower concerning the borrower’s escrow account. 12 CFR § 1024.17(b). It must include:
  • The amount of the monthly mortgage payment;
  • The portion of the monthly payment going into the escrow account;
  • Itemized anticipated disbursements to be paid from the escrow account;
  • Anticipated disbursement dates;
  • The amount the servicer elects as a cushion; and
  • Trial running balance for the account.
12 CFR § 1024.17 (g)(1)(i).
 
 
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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