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What law establishes escrow account guidelines?

April 26, 2017account escrow establishes guidelines Law

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What law establishes escrow account guidelines?

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Real Estate Settlement Procedures Act (RESPA) is a federal law that, in general, dictates how lenders establish and maintain an escrow account for you. A few states also have regulations regarding an escrow account for a homeowner within their state; if the state does not have a regulation, the governing of your escrow account falls back to RESPA regulations.