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INITIAL ESCROW ACCOUNT DISCLOSURE STATEMENT - files consumerfinance 2025

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The document is the Initial Escrow Account Disclosure Statement (Form RD 3550-9) from the United States Department of Agriculture's Rural Housing Service. It provides borrowers with an estimate of their mortgage payments, including principal, interest, and escrow contributions for the upcoming year. The form outlines the expected activity in the escrow account, including starting balance, payments to and from the account, and a cushion selected by the servicer. Borrowers are advised to keep this statement for comparison with actual account activity.

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How long does the servicer have to disclose that initial escrow account statement?

(1) If the new servicer changes either the monthly payment amount or the accounting method used by the transferor (old) servicer, then the new servicer shall provide the borrower with an initial escrow account statement within 60 days of the date of servicing transfer.

What is the initial escrow amount?

If you set up an escrow account, deposit three months of homeowners insurance and three months of property taxes when you close. Initial Escrow Payment = 3 months of homeowners insurance + 3 months of property taxes.

How to calculate initial escrow deposit?

Calculating the Escrow Deposit Required at Closing Add the annual taxes and insurance premiums and divide by 12. This is the amount that will be included in your mortgage payment and added to the escrow account every month. You can calculate the maximum initial deposit using a worksheet with 3 columns and 12 rows.

When must a lender provide the initial escrow account statement if the escrow account is established as a condition of the loan?

After analyzing each escrow account, a servicer must submit an initial escrow account statement to the borrower at settlement or within forty-five calendar days of settlement for escrow accounts that are established as a condition of the loan.

What is a public guidance document entitled consumer disclosure for voluntary escrow account payments?

A Public Guidance Document entitled Consumer Disclosure for Voluntary Escrow Account Payments provides a model disclosure format that originators and servicers are encouraged, but not required, to provide to consumers when the originator or servicer anticipates a substantial increase in disbursements from the escrow

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How much money do you have to put in escrow?

The earnest money deposit generally 1 percent to 2 percent of the homes purchase price is held in an escrow account until the contract is finalized, after which the funds will go toward the buyers down payment or closing costs.

What is the initial deposit into the escrow account?

An initial escrow deposit is the amount that you will pay at closing to start your escrow account, if required by your lender. This initial amount may be different from what you pay monthly to maintain the escrow account. This initial amount is listed in section G on page 2 of your Loan Estimate.

INITIAL ESCROW ACCOUNT DISCLOSURE STATEMENT - files consumerfinance 2025

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How long does the servicer have to disclose that initial escrow account statement?

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How to calculate initial escrow deposit?

When must a lender provide the initial escrow account statement if the escrow account is established as a condition of the loan?

What is a public guidance document entitled consumer disclosure for voluntary escrow account payments?

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