Loan Escrow Account Policy
The bank will comply with all provisions of the Real Estate Settlement Procedures Act (RESPA). If an escrow is established on a RESPA covered loan, the escrow amounts shall be calculated in accordance with the requirements of the regulation, and appropriate initial and annual disclosures shall be provided to the borrower.
If the institution transfers or acquires the servicing of any RESPA covered loan, the bank will make a timely, accurate servicing transfer disclosure to the borrower.
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