1.
_________ is the mortgage practice where servicer holds funds in a separate trust account to pay taxes, insurance, MIP or PMI.
2.
An escrow account is an ___________ trust account and can only be touched when an _________ analysis has been generated.
3.
insurance The amount is collected monthly into escrow to pay for __________and ____________.
4.
If a homeowner fails to pay their taxes they will be ________ escrowed.
5.
A homeowner can pay their own __________ and send in proof of insurance.
6.
LPI (Lender Placed Insurance) is ________ from the escrow if proof of insurance is provided.
7.
PMI (private Mortgage insurance) is an _________ account.
8.
request A homeowner can send a _________ _________ to add or delete escrow for taxes and ins.
9.
The customers mortgage includes a monthly payment into escrow in addition to the _________ and _______ payment. (PIE)
10.
An _________ is done once annually, that checks what came in /went out, and projects what is needed for the next 12 months.
11.
A ________________ is what is paid out from the escrow account
12.
The ___________ _____________ is the ending escrow balance when we ran the escrow analysis. This is what you had in your account when the new escrow analysis was generated.
13.
The base escrow payment, total annual bills divided by 12. The ___________ escrow is just enough money to pay for annual bills
14.
The ___________ payment is the upcoming bills divided by 12, plus a shortage payment.
15.
A cushion is the low point, and to prevent a shortage, the mortgage company adjusts the payments to make sure you do not end up _________your account.
16.
The ___________ balance is an estimate of the account balance based upon projected payments received and disbursed from the escrow account, using the required cushion amount as a low point.
17.
If you ended with $1000, but we required you to start with $500, then you have a $500 ________.
18.
When the anticipated starting balance is less than the required starting balance. The homeowner has a __________.
19.
When anticipated starting balance is ________ than the required starting balance is a ___________.
20.
If you ended with $1000, but we required you to start with $2000, your __________ is $1000.
21.
_________ bills are not paid from escrow.
22.
Supplemental taxes are ______ paid from escrow.
23.
warranty _______ __________ insurance is not included in escrow.
24.
________ is included in escrow.
25.
Which state charges taxes based on how may live in your home—known as a per capita tax?
26.
Home warranty insurance is not offered by __________.
