What is the department looking for when it asks for the number of loans closed and the associated dollar amounts on loans with no escrow accounts or unimproved taxes?
The purpose of the question is to identify the number of loans where escrow accounts were based on unimproved taxes. On your filing state the number of loans that were originated (1) without an escrow account for taxes and insurance, or (2) without an amount for taxes that represented the unimproved tax amount (whether or not there was an escrow account. Perhaps another way of stating it would be to consider a loan where an amount collected or escrowed for real property taxes that is either estimated, calculated, or based on a value other than the full improved value at the time of the closing of the loan.
Related Questions
- What is the department looking for when it asks for the number of loans closed and the associated dollar amounts on loans with no escrow accounts or unimproved taxes?
- Is the real estate escrow agent responsible to verify any of the amounts shown on the department forms filled out by the transferor?
- Is the real estate escrow person responsible to verify any of the amounts shown on the department forms?
