TAX
This task needs to be opened when there is mention of:
the parcel number differs than what is listed on MSP
paid land/lot next to house
paid neighbors taxes
paid the smaller parcel
paid incorrect parcel
paid relatives parcel
What is a TAXPAR ?
This loan type does not have Mortgage insurance at all.
What is a VA loan?
The insurance company called in and would like to verify the policy on the borrowers account.
What is reasons to transfer to insurance dept.?
3 screens you would use for Escrow in MSP.
What is ANA1, Last, ANAN, ANA1 Proj?
The ____________based off the information available at the time of the analysis and does not account for any future changes to tax and/or insurance items.
What is a shortage?
The borrower has a discount on their taxes because they are 65.
What is a tax exemption ?
This loan type can have PMI removed at 78% LTV- either automatically or requested.
What is a conventional loan type?
LoanCare Insurance Center:
ISAOA/ATIMA
PO Box 202049
Florence, SC, 29502
What is the Mortgee Clause?
Escrow Information is the tab in what Program?
What is DLV?
If the customer is paying the shortage amount in full, this task needs opened.
What is ESCPMT?
•The local tax collector may send the refund to LoanCare. In this case, we will deposit the refund into the customer’s escrow account upon receipt.
•The local tax collector may also send the refund directly to the customer.
What is Double Paid Taxes?
Disputing the BPO is what Task?
What is CUS021?
These 2 things would prompt the agent to ________
Customer has received a notice for Forced Placed Insurance.
An insurance bill showing a different amount than we are collecting or delinquent insurance bill
What is transfer to Insurance?
The buckets that have HAZARD and TAX drop downs.
What is snap shot buckets?
If the loan is current, we will issue you a check for the surplus amount over ____________. If the loan is current the surplus check should be included with the Escrow Analysis Statement.
What is 50.00?
The state of California has _________________ in the first year of a borrower purchasing home because CA does not reassess a home until it changes owners. When purchasing the home, the amount we escrow is based upon the prior homeowner’s taxes as noted by their county until the home is reassessed. At that point, they will send the borrower a supplemental bill for the difference based upon the new reassessed value.
What is Supplemental Taxes?
The Mortgage Insurance can not be removed from this loan type.
What is RHS/USDA loan?
Insurance Placed on the loan if the lender/servicer does not have proof the borrower’s property is insured.
Inflated premiums with basic coverage.
Borrower can send proof of insurance to have removed.
What is Forced Place Insurance?
What is Netted Payoff?
Mr/Ms Borrow there are a few parts that go into your escrow acct that make up your escrow payments.
1st the monthly escrow payment which is your projected payouts added together divided other 12 months. 2nd part of your escrow account which is your minimum account balance. Your escrow account is required to have at the month the analysis. Your minimum balance is about 2 months of your monthly escrow payment at time of the analysis. Annual Escrow Analysis are a rolling 12 months.
What is How to explain a Escrow Shortage?
The most important thing you can do to assist with the process is to notate all information regarding the tax sale notice in the task notes:
•Bill Number
•Good Through Dates
•Parcel Number
•Fees
•Username and Password for the Tax Collector if included in the Notice of Sale.
What is Tax Sale? Task TAXSAL?
•Customers must have a good pay history.
•The customer must have paid the premium for 5 years based on the date the customer made their first payment.
•The customer must reach 78% Loan to Value. As set by HUD and can be found on the MIP1 screen in MSP Explorer as the UPB amount. Customers unpaid principal balance must reach this amount for MI to be removed.
NOTE: If the customer has the paid premium for 5 years and has reached the required UPB. Follow the steps for requesting MI removal of an FHA loan.
What is FHA removal Origination On or Before June 3, 2013?
Advise borrower to update information on Mycoverageinfo.com/lc623 or email lc623@mycoverageinfo.com
What to tell the customer for a policy change?
1.Verify the loan investor.
•FHA loans cannot remove escrow
•Review the guidelines for FNMA and FHLMC escrow deletion before continuing.
•FNMA loans do not require a written request. Proceed directly to the steps for Customer Has Submitted Written Request
What is the steps to Delete Escrow?
What task is it to process the payment in to escrow only for AT LEAST 50% of the listed shortage
What is task ESCADJ?