By Michael J. McCormick, Esq., McCalla Raymer Leibert Pierce, LLC (Roswell, GA)
Frequently Asked Questions
1) Is a servicer required to have a borrower maintain a reserve or cushion? NO. See Regulation X Section (c)(1)(ii).1
A lender or servicer (hereafter servicer) shall not require a borrower to deposit into any escrow account, created in connection with a federally related mortgage loan, more than the following amounts:
(ii) Charges during the life of the escrow account . . .
It looks like you are not signed in or registered! This content is only available to members.
Or Sign In Below: