1. Escrow Account Compliance: Getting It Right!

Escrow Account Compliance: Getting It Right!

Event ID: 2148199
Date: Recorded on 9/19/2019
Duration: Scheduled for 90 minutes including question and answer period.
Presenter: Coppelia Padgett, regulatory compliance consultant and former federal examiner
Credits: Live webinar approved for 1.5 NASBA credit hours (Management Services)

Escrow Account Compliance: Getting It Right!

Escrow accounts are often called the stepchildren of the mortgage business. However, millions of borrowers rely on these accounts and escrow activities to administer taxes, hazard insurance and other vital services. As a result, the federal regulators have implemented complex escrow accounting rules and disclosure requirements over the years to protect consumers and safeguard these accounts. Because consumers are directly affected, compliance with these escrow requirements, such as the initial escrow account analysis, is particularly important.

RESPA, TILA and the interagency flood regulations all have significant impact on escrow rules. This webinar seeks to provide guidance and best practices on how to comply with these rules. In particular, we will discuss common problem areas where regulatory violations have occurred.

Please join our expert, Coppelia Padgett, as she discusses practical steps to help you review and improve your institution’s escrow accounting process to ensure compliance and eliminate potential risks and problems.

Some of the many topics and practical tips you will take away from this webinar include:

  • What regulations govern escrow account responsibilities
  • What loans require escrow accounts and guidance about voluntary escrow accounts
  • The initial escrow analysis & providing compliant initial escrow statement disclosures
  • Guidance for annual escrow analysis and annual escrow statements
  • The escrow account computation year & short-year statements
  • Controls and processes for validating calculations and escrow analysis
  • Regulation Z Higher-Priced Mortgage Loan (HPML) escrow mandates
  • Dealing with escrow account surpluses, shortages & deficiencies
  • Loan payoff escrow account statements
  • Handling issues with hazard and flood insurance premiums and escrow funds
  • And A checklist for annual escrow statement review to take with you

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