Anyone who has been involved in escrow administration of a mortgage company will agree this is one of the most complex areas of loan servicing. Hundreds of thousands of tax bills, hazard insurance premiums, flood insurance premiums, PMI premiums, and MIP premiums are paid by escrow departments around the country every day. Millions of dollars are routinely disbursed from escrow accounts and remitted to tax offices, insurance companies, private mortgage insurance companies, and HUD. Millions of escrow accounts are analyzed each month and mortgage payments are increased or decreased. Changes to mortgage payments result in customer inquiries that must be researched and responded to.
It is no easy task to see that all real estate taxes are paid on time, that properties are adequately insured, and that PMI and MIP premiums are paid; and at the heart of escrow administration are escrow analyses. The staff members involved in conducting escrow analyses must be well trained and have a good understanding of all aspects of escrow servicing.
In addition to handling taxes, insurances, and analyses, the escrow department deals with loss drafts, PMI cancellations,...
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