| 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?
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