Tag Archive for: escrow

Homeowner’s Insurance Is Delaying Escrows; Watch For Hidden Points!

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I have blogged a few times now about California’s Homeowner’s Insurance Debacle. TLDR: A lot of insurers exited the CA market, and it is now much more difficult to find […]Read More

Don’t Deposit Gift Funds, Please! (Straight to Escrow)

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It is well-known that buyers can use “gift funds” from a relative to help with the purchase of a home. But, we want to again remind buyers to not deposit […]Read More

Impound or Escrow Accounts & Why We Do Not Recommend Them

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Impound or escrow accounts are maintained by lenders or servicers and are set up to allow buyers to pay their property taxes and hazard insurance on a pro-rata monthly basis […]Read More

What Borrowers Need to Know about Escrow and Prepaid Items

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Many borrowers are confused when it comes to prepaid items and escrow accounts and what role they play when it comes time to figuring out closing costs. Here is a breakdown of all the information borrowers need to know about escrow and prepaid items for their home loan.Read More

What Is An Escrow Holdback?

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We recently had a deal on a cute condo with a loft area. The issue was there was no railing on the area of the loft adjacent to the stairwell, […]Read More

Reminders: Amendatory Clause; RPA Signatures; Seller = LLC; Deceased Seller

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FHA and VA Amendatory Clause. This form is required for all VA and FHA loans. It lets buyers know they are entitled to the appraisal and not bound to buy […]Read More

Helping Lender Close On Time: Complete/Clean Contracts & Addenda a Must

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We often remind Realtors, Escrow Officers and Borrowers that “everyone has to be on board” if we are going to close on time, especially if we’re closing in 15 days. […]Read More

If a Buyer Is “On” The Loan, He Must Also Be “On” Title; “Title Only” Always OK

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We often get questions about whether buyers can be on the loan, but not on title and vice versa (on title but not on the loan). If a borrower is […]Read More

JVM Now Has 15 Day Close; Same As Cash; We’re For Real

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We are pleased to announce our “Fast 15!” We are shortening our fast escrows from 17 days to 15 days. We are able to do this b/c we have learned […]Read More

Seeing the Unforeseeable – Not Possible; No Crystal Ball

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We often pre-approve very strong borrowers only to see their transactions come to a halt after they get into escrow b/c of unforeseen circumstances. Invariably, we get terse emails from […]Read More

Impounds vs. No Impounds; Sometimes No Choice

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We often get asked for advice in regard to taking an impound account or not. An impound (or escrow) account is an account held by a lender or a servicer […]Read More

Converting “Cash” to Down Payment Funds – Gifts

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We frequently have borrowers with substantial sums of cash that they want to use for a down payment. They cannot simply deposit the funds in escrow or into their bank […]Read More