Heidi

 

I’m curious if your next year analysis is correct when you are manually changing the payment.   We have found, when we manually change escrow payments, the next analysis shows what the system calculated and not what we maintenance.  

 

Ruth E Daniels

Vice President – Credit Administration

The Dime Bank

1055 Texas Palmyra Highway

PO Box 509

Honesdale PA  18431

570 253 6511 X 7713

xxxxxx@thedimebank.com

 

 

From: xxxxxx@marug.simplelists.com <xxxxxx@marug.simplelists.com> On Behalf Of Heidi Fletcher
Sent: Wednesday, August 30, 2023 5:37 PM
To: 'xxxxxx@simplelists.com' <xxxxxx@simplelists.com>
Subject: SilverLake MA-RUG RE: Escrow Analysis - Spread Deficiency up to 60 months

 

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Hello Karen,

 

We perform the escrow analysis using the 12 month spread and manually calculate the adjusted deficiency payment over the 60 month term, then maintenance the required payment amount. We send a separate letter to the customer advising them of the analysis and what their actual required payment will be.

 

We put these loans is a separate day for analysis and run each addition year as normal on this date. We manually track and reduce the number of months to repay when calculating remaining deficiency payments and repeat the letter cycle with the analysis until the end of the expanded repayment period has ended then move them back to the regular date the majority of loans are analyzed with.

 

 

Heidi

 

Heidi W. Fletcher

VP, Retail Loan Servicing Manager

P.O. Box 6569

Ithaca, NY 14851

 

Office: (607) 274-9020

Internal extension: 19720

Toll Free: (888) 240-4539

Fax: (607) 277-5440

xxxxxx@tompkinsfinancial.com

 

 

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From: xxxxxx@marug.simplelists.com <xxxxxx@marug.simplelists.com>
Sent: Wednesday, August 30, 2023 4:46 PM
To: xxxxxx@marug.simplelists.com
Subject: [EXTERNAL]SilverLake MA-RUG Escrow Analysis - Spread Deficiency up to 60 months

 

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How are banks handling the spread of an escrow deficiency balance greater than 12 months on their escrow analysis statements?

 

I was informed by Support that the system can only handle up to a 60-month spread on escrow “shortage” but not “deficiency”.  My bank has modified both Fannie and Freddie mortgages that call for the “ escrow deficiency balance” to be spread over 60-months. 

 

Any suggestions would be appreciated.

 

Thank you,

 

Karen

 

Karen Tracey

 

VP Loan Operations

Univest Financial Corporation

16 Harbor Place | PO Box 197 | Souderton, PA 18964

P (215) 721-8359 | F (215) 721-2472 |

xxxxxx@univest.net

 

Financial Solutions for Your Life®

 

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