What is another name for the required minimum balance in a escrow account?
Escrow Cushion
Oops!
Check
Okay!
Check
25
What is it called when the current escrow account balance falls short of the target balance at the time of an escrow analysis?
Shortage
Oops!
Check
Okay!
Check
15
When is it required to have an escrow account for a conventional loan?
When the borrowers have less than a 20% down payment.
Oops!
Check
Okay!
Check
eraser
Reset score!
Oops!
seesaw
Swap points!
Okay!
rocket
Go to first place!
Okay!
banana
Go to last place!
Oops!
baam
Lose 20 points!
Oops!
rocket
Go to first place!
Okay!
rocket
Go to first place!
Okay!
baam
Lose 15 points!
Oops!
25
What is the accounting that a servicer conducts in the form of a trial running balance for an escrow account?
Escrow Account Analysis
Oops!
Check
Okay!
Check
15
What mortgage loans require escrows?
Typically, escrow accounts are required for FHA and USDA loans and may also be required for VA and conventional loans where borrowers have less than a 20% down
Oops!
Check
Okay!
Check
15
What Is a escrow surplus?
An amount by which the current escrow account balance exceeds the target balance for the account.
Oops!
Check
Okay!
Check
10
True or False: Escrows may be waived for borrowers with larger down payments or good credit
True
Oops!
Check
Okay!
Check
trap
No points!
Oops!
star
Double points!
Okay!
shark
Other team loses 25 points!
Okay!
baam
Lose 20 points!
Oops!
20
What is PITI?
Principal, Interest, Taxes and Insurance
Oops!
Check
Okay!
Check
20
What two things could change the amount of the escrow payment?
Taxes and Insurance
Oops!
Check
Okay!
Check
5
What Is A Mortgage Escrow?
The monthly amount that a borrower pays the lender towards their real estate taxes, homeowners' insurance and mortgage insurance (If required)