RC_LA_EA_200.2 The Escrow Department
The Escrow Department examines the roles, responsibilities, resources, and tools of the escrow group. The course begins by describing where the obligations of the lender and borrower regarding escrow are defined. Next, it examines the basic functions performed by the escrow department: establishing the amount of escrow payments, generating annual escrow account statements, assuring and maintaining adequate property insurance coverage, processing mortgage insurance premiums, assuring and/or processing the timely payment of taxes, working with other departments during new loan acquisitions and servicing transfers, remaining compliant, and delivering exceptional customer service. The course then looks at the resources and tools commonly used by escrow departments, including loan servicing systems, web-based applications, automated payment of insurance, automated reporting and payment of taxes, and outsourcing of tax and insurance functions. Finally, the course examines the knowledge, skills, and experience levels necessary for all escrow department associates including the primary categories of personnel.
This is a single-family/residential course.
Seat time approximately 1 hour.