A series of projects are in the works to enhance Escrow Analysis processing in CU*BASE. The Escrow Analysis provides an annual review of a member’s escrow account to ensure that enough funds are collected to pay upcoming installments of insurance premiums and/or property taxes.
New Option to Pay Escrow Analysis Surplus by Check
This project adds the ability to pay Escrow Analysis surplus funds to the member via check. Today for surplus amounts over $50, the only choice is to automatically transfer the funds to the base share account. For surplus amounts under $50, the choices for excess funds are to leave the money in the escrow account or transfer to the base share savings account. With this project, the CU will be able to choose the option to pay pay the surplus funds via check.
Status as of March 2024: Project #58074 is currently waiting for available QC testing resources.
Create Flat File for Statement Vendors
This project creates a flat file that gathers Escrow Analysis data similar to how data is gathered into a flat file for regular and credit card member statements. The Escrow Analysis flat file can then be provided to a statement vendor for formatting and printing.
Status as of March 2024: Project #60153 is currently waiting for available QC testing resources.
Chefs for this recipe are Karen Sorensen and Connie Plas
One of the new details added states in part “began storing the projected amount to be disbursed so we could display both projected and actual paid amounts,”
It seems this covers this requirement from the reg 1024.17(i) that states “The servicer shall also submit to the borrower the previous year’s projection or initial escrow account statement.”
Is this correct, If so when will the previous projected amount appear on escrow statements? We had a Compliance audit in December and an Escrow statement from October did not have this information.
Thank you,
BArb
The most likely explanation is that you ran your reports prior to the 21.10 release being deployed (on Oct. 3). We ran a conversion at that time to populate a projected amount using the payment history as a guide, or if there was no history, using the total annual figure for that payee.