The mortgage company performed an escrow analysis
on his loan.
She counsels borrowers to review the escrow analysis
carefully to ensure that the appropriate amounts are being reserved for expenses.
The company developed thorough policies and processes, brought on staff with extensive experience in areas such as collection, loss mitigation, and escrow analysis
and worked with GCC Servicing Systems to create the internal platform.
From that point, users have the ability to amend tax lines and enter insurance information to generate the Initial Escrow Analysis
Not only does LoanStat enable FICS' commercial servicing customers to provide their borrowers and investors with access to their loan data online, it also gives them the ability to provide electronic copies of items such as amortization schedules, escrow analysis
, billing statements, escrow activity reports, loan activity reports, and payoff statements.
This would give the servicer 30 days to buy the loan out of the pool, make the necessary interest-rate adjustments and modifications to the principal balance, establish a new billing schedule and perform a complete escrow analysis
According to Martin, to remain compliant, "lenders will need to know some basic escrowing procedures such as how to conduct an escrow analysis
, how to prepare the initial and the annual escrow account disclosure statements, and how to keep the appropriate records for auditing and risk-mitigation purposes.
The introduction of the Real Estate Settlement Procedures Act (RESPA) provided some impetus for the automation of escrow functions and more specifically, escrow analysis
Platform capabilities include built-in loss mitigation workflow tools to streamline operations and increase efficiency, GSE investor reporting, secure electronic delivery of documents and full escrow analysis
processing, among others.
OLS users will have access to screens that are organized to perform cash processing, escrow disbursements, default servicing, investor reporting, customer service, escrow analysis
, year-end reporting, inquiry and file maintenance, explained James B.
OLS users have access to screens that are organized to perform cash processing, escrow disbursements, default servicing, investor reporting, customer service, escrow analysis
, year-end reporting, inquiry and file maintenance.
More recent servicing systems access these exceptions, placing loans into a queue for tax processing, escrow analysis
, payment processing, etc.