Escrow Basics
What guideline requires Rocket to hold a 1-2 month cushion in Escrow?
What is RESPA guidelines.
How many times per year do we run a clients state scheduled E/A?
What is once per year.
What document must the client provide us with from their county that confirms they owe $0 in Taxes?
What is a tax exemption bill or letter.
Please use the Red Sheet for this answer.
What address do we provide a client or HOI agent when they ask for the Mortgagee Clause?
What is Rocket Mortgage, LLC. ISAOA
PO Box 202070 Florence, SC 29502.
What document can we provide the client that confirms Escrow was added at the time of closing?
What is the Closing Disclosure or Initial Escrow Account Disclosure Statement.
This type of loan requires Escrow for the life of the loan.
What is FHA.
Please use PF for this answer.
For clients who live in Michigan, when is their state scheduled E/A ran yearly?
What is October.
Can we update the client's tax lines if they verbally give us the amounts over the phone of their lower taxes?
What is No.
The client must provide us with proof so that we can update their tax lines accordingly. This can be a tax bill or tax letter with a dollar amount or 100% exemption percentage.
What button in Customer Service can we press to send the client an Insurance email that gives them the steps on what's needed from them whenever they change their HOI company?
What is the Insurance Change button.
This is located in the Escrow Overview screen.
This escrow account is created at the time of closing, typically used to ensure that specific repairs or conditions are fixed by the client after their loan closes?
What is an Escrow Holdback.
What are the two main scenarios that would cause a client to have a shortage in their Escrow?
What is an increase in HOI and increase in taxes.
If the client has a shortage of $2,859 and they choose to spread this over 12 months instead of paying it in full. How much extra will be added to their monthly payment?
What is $238.25.
What work item in Luna do we set if we have proof on file that the client's taxes are less, and they want us to update this on our end?
What is Tax Payment: CR Tax Amount Update.
If the client has questions about their HOI policy and says that we have the incorrect policy on file, who can we connect them to for further research?
What is Assurant.
What is the task we set to run an off-schedule E/A for a client?
What is ANAIND.
This is the term used when the amount in the escrow is account is more than needed to cover upcoming disbursements?
What is an overage.
If the clients E/A is ran on Feb 21st. When will their new monthly payment go into effect?
What is April 1st.
What work item in Luna do we set if we have to research a tax error that took place on our end?
What is Tax Payment: CR Tax Review.
True/False:
Flood Insurance is required on all loan types?
What is False.
Flood insurance is only required on properties located in a Special Flood Hazard Area (SFHA) that contains an "A" or "V", as determined by FEMA.
What is up to 24 business hours.
Typically updates overnight.
Please use PF for this answer.
What two states only require a 1 month escrow cushion?
What is North Dakota and Vermont.
Please review the Escrow Analysis from 2024 on Loan #3392744563 and confirm why this client has a shortage of $1,182.37.
What is taxes increased $473.68 and HOI increased $539.84.
Do we have tax bills on file that we can provide the client if they ask for proof on how much their county billed us?
What is No.
This information is reported to us electronically, so there isn't a tax bill we can provide the client. We would advise them to contact their county for this.
If the client is in a flood zone area, can they refinance to remove flood insurance from escrow?
What is No.
Even if they refinance, if FEMA determines that they're still in a flood zone area, flood insurance would remain on the new loan as well.
Please review the E/A ran December 2024 on Loan #3517023555 and confirm why they have a large shortage and what their new payment would be if they satisfied the shortage in full.
What is HOI increased $896 and new payment would be $2,513.70.