CC_S_207.3 CMF Tax and Insurance Escrow Administration
Member Price: $49.00
Nonmember Price: $79.00
Product Code: DL2-011280-WC-WPurchase
This is a commercial/multifamily course.
The timely and efficient monitoring of tax and insurance escrows by the commercial/multifamily servicer is critical for protecting the lender/investor's security interest in the property. When taxes are not paid on the property, there is a high risk of liens or possible sale of the property by taxing authorities. Additionally, when appropriate insurance coverage is not maintained on the property, any unforeseen damages that may occur could result in significant losses to the investor.
CMF Tax Insurance and Escrow Administration explores the fundamental concepts of servicing tax and insurance escrows in commercial/multifamily lending. The course begins by introducing basic concepts and responsibilities of the servicer with respect to both escrowed and non-escrowed tax administration. Next, the course addresses the basic types of insurance, including property, catastrophic event, terrorism, and liability insurance. It describes the core concepts of insurance payment administration, including escrowing insurance premiums, monitoring for compliance, and keeping the servicing system updated. The course concludes with a discussion of escrow analysis, including the purpose of escrow analysis, calculation of tax and insurance accruals, fields typically found in system analysis, and escrow shortages and overages.
Seat time approximately one (1) hour.