The Estimated Taxes, Insurance, and Assessments section within the Projected Payments Table on the Closing Disclosure is often a cause of confusion. Not only do you need to come up with the correct amount to disclose, but you need to tell the borrower what all is included in that amount. You also need to answer the “In Escrow?” field with either “yes”, “no” or “some”.
Jerod explains more in the video and walks you through an example.
We often refer to ourselves as the Knights of the Round Table. As “knights”, we spend countless hours discussing and dissecting regulatory compliance issues. This includes new regulations, new interpretations of old regulations, regulatory guidance, etc. Our “table” is where the magic happens. It’s where we put our heads together and turn complicated regulations into plain English.
Our magazine, Banking on BCC, is one place you get to see our hard work come to life.