Does RESPA require borrowers to maintain an escrow account?
Answer No. It is the lender’s decision whether the borrower must maintain an escrow account for the purpose of paying taxes and other items. The HUD regulations only limit the maximum amount that a lender can require a borrower to maintain in an account. What RESPA does NOT cover and who can help The following questions are frequently asked by consumers about the loan process, but the issues are not covered under RESPA. For more information regarding these issues, contact the agency that administers the governing law.
Related Questions
- Do all regional centers require that the investment amount be deposited into a designated escrow account, and when is the release date of such fund to the new commercial enterprise entity?
- Do I have to complete an Escrow form even though I dont maintain an escrow account?
- Does RESPA require borrowers to maintain an escrow account?
