An account set up to hold money, collected from the customer, to pay property tax, property insurance, and mortgage insurance bills on the customer’s behalf.
What is an escrow account?
100
Type of mortgage insurance on FHA loans.
What is mortgage insurance premium?
100
This results when real estate taxes and homeowners insurance premiums that we've paid on your behalf were higher than expected.
What is an escrow shortage?
100
Type of mortgage insurance for conventional loans.
What is Private mortage insurance?
100
A system used to reconcile the operational clearning accounts for WFHM
What is CHUCKY?
200
This is performed every year to determine whether a shortage or overage exists.
What is a escrow analysis?
200
This is the department which mortgage insurance premiums are paid?
What is HUD? (Housing & Urban Developement)
200
Insurance written by a company protecting the mortgage lender against loss resulting from a mortgage default.
What is Private Mortgage Insurance?
200
This is placed on your property by your lender to protect their interest when your homeowner's policy has lapsed or cancelled.
What is Lender Placed Insurance?
200
This system provides a way to view Wachovia loss mitigation notes
What is IAM?
300
Clients are advised to expect their final escrow analysis within this timeframe
What is 15 calendar days?
300
These are the two factors which determine whether MIP can be deleted.
What is payment history and loan to value (LTV)?
300
This act allows WFHM to collect funds and make payments for taxes and/or insurance on behalf of our customers.
What is RESPA?
300
These are two closing documents which reflect insurance information
What is the Note and Truth-in-Lending (TIL)?
300
This state has specific state guidelines that give OOP a deadline of 15 calendar days to provide a resolution in regards to escrow and payment issues.
What is Wisconsin?
400
Adding a pool, adding a deck and finishing your basement are all considered these types of home improvements
What is Structural Improvements?
400
This is the percentage your LTV is at when MIP/PMI is eligible for deletion.
What is 78%?
400
This insurance provides protection against certain risks such as storms or fires.
What is hazard insurance?
400
This insurance supports our customers who have opted to have additional coverage and it is not associated with the escrow account.
What is Optional Insurance?
400
This independent bureaus mission is to ensure fair access and equal treatment to national bank customers.
What is the OCC?
500
This is designed to protect an individual's home against damages to the house itself, or to possessions in the home.
What is homeowners insurance?
500
This can be used in place for a walk in appraisal to determine a new property value.
What is Brokers Price Opinion?
500
This document provides a review and recalculation of the escrow account based on actual amounts paid into the escrow account and actual amounts disbursed from the escrow account.
What is an Escrow Disclosure Statement?
500
Some states require this to be paid to the borrower on escrow accounts
What is Interest on Escrow?
500
Direct questions, Request for action, and Request for explanations..