TILA Escrow Rule - What does the rule say about escrowing for property insurance in common interest communities?

Compliance > Regulation Z - TILA > Escrow Rule, Eff. June 2013
Q:  What does the rule say about escrowing for property insurance in common interest communities? (§  1026.33(b)(1))

A:  You do not need to escrow homeowner’s insurance premiums for loans secured by properties in condominiums, planned unit developments, or other common interest communities where the consumer must participate in a governing association that is required to purchase a master policy insuring all dwellings.


This can be found in the CFPB's TILA Escrow Rule, Small Entity Compliance Guide - http://www.consumerfinance.gov/regulatory-implementation/

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