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The loan’s escrow account exists in order to recompense particular bills in connection to your property. This may comprise of real estate property taxation, homeowners insurance etc. therefore the Annual Escrow statement essentially has more of a regulatory role and looks over the escrow account premised on actual amounts that are to be recouped into the escrow amount. Additionally, it is also premised on actual amounts that are shelled out from the escrow account. Taxation and insurance premiums do fluctuate with time hence the escrow account must be a mirror image of those fluctuations.
An Annual escrow account statement is a statement that consists of data presented in Section 1024.17(1). This section also enunciates that a servicer shall present an annual escrow account statement to the borrower no later than 30 days. This must be at the end of the escrow computation calendar year hence must also be subsequent to carrying out the escrow account analysis.
Related Topics: What is an Escrow Account
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