The timely funding of escrow and buy-down funds is critical to borrower satisfaction and ensuring regulatory compliance. Because of that, it is important that those amounts be properly reflected on the borrower’s account in a timely manner, and that any information we provide reflects the correct amount.
To help achieve this goal, we are adding a warning message to all Escrowed loans submitted through our API. This message will provide an extra reminder of the need to settle escrow funds by the next business day following loan boarding.
You can also find information about the contractual expectation regarding Timely Escrow Funding in your subservicing agreement, Exhibit: New Loan Transfer Instructions.