|
|
|
Escrow Analysis
RESPA Requirements, Cushions, Aggregate Analysis
 |
 |
Escrow Analysis Training Manual
Escrow Analysis Training..by Linda S. Chandler and Judy A. Whiteside
When we started working in the mortgage servicing business several years ago, we would have been delighted if someone had given us access to an Escrow Analysis Training Manual. We learned what we could from others and figured out some things on our own.
Back then we used the single item pre-accrual method of analyzing. With this method, each escrowed item was collected separately based on its due date and many believed the industry over collected for escrow items.
Although the Real Estate Settlement Procedures Act was enacted in 1974, Section 10 relating to escrow accounts, was not interpreted until HUD issued the Final Rule effective October 1, 1995. The Final Rule required major changes in the way accounts were analyzed. It required training or re-training on escrow analysis, system changes, a review of state laws and a review of the mortgage documents to see if cushions were allowed. Indeed there were drastic changes to the established method of conducting an escrow analysis. .
|
|
 |
|
Compliance
Mortgage servicers managed to work all this out and bring their company into compliance. Training was provided for employees, systems were changed, overages were refunded as needed, and eventually everyone became accustomed to aggregate analysis.
Training
Although the staff became accustomed to aggregate analysis, new employees still had to start at the beginning and learn about escrow accounts - why do we maintain an escrow account, what is included in an escrow account, and the requirements of HUD's Final Rule. Terms such as cushions, shortages, deficiencies, overages, fall to zero, aggregate analysis, initial disclosure statement, and many more are complicated terms for new employees. Our Escrow Analysis Training Guide was written with that thought in mind. Please visit our About Us page to read about the authors.
When you hire new employees for Customer Service and the Escrow Department, do you have time to provide them detailed training? Even if you do, do you have a training manual employees can keep at their desk as reference material?
|
|
 |
|
Benefits of the Escrow Analysis Training Guide
-
The manual is ready to use for conducting a training class
-
Students may read through the manual on their own and work on the sample
-
accounts provided.
-
Saves valuable time in preparing training material
-
Provides confidence to employees as they learn and begin to understand aggregate analysis
-
Employees will perform better and be more comfortable talking with customers as they gain a better understanding of escrow analysis.
-
Employees can use it at their desk as reference material.
-
Employees can learn the background to the Final Rule and learn about RESPA
Included in the Manual
o Background information
o RESPA Requirements - HUD's Final Rule
o Escrow Shortage
o Escrow Deficiency
o Escrow Surplus
o Initial Escrow Disclosure Statement
o Short Year Statement
o Annual Escrow Analysis and Disclosure Statement
o Limits on Escrow Accounts - Cushions
o Examples of Accounts
o Exercises for students with questions at the end
o What's included in an escrow account
RESPA requirements and HUD's Final Rule for escrow analysis are not new, however, there is always a need for training.
Order Now. $75.00 - Price includes postage and handling. |
Home Contact Us FAQ Mortgage Servicing for Beginners Newsletter Escrow Analysis Training
Cancellation/Termination PMI, MIP FHA Foreclosures Training Manual About Us
|
|
