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Fee for Escrow

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  • January 15, 2021 at 4:19 pm EST #33242
    KerriMartin
    Participant

    We are getting a company that will pay the taxes on our escrow loans for us. The fee that this company charges per loan will be passed on to the borrower. Would the fee go on the second page of the loan estimate under Fees You Cannot Shop For?

    January 18, 2021 at 10:15 am EST #33249
    rcooper
    Member

    I want to make sure I understand the situation. Can you give more details on how this process will work?

    January 19, 2021 at 10:11 am EST #33251
    KerriMartin
    Participant

    For example, a new loan would be charged a fee of $114.00. The Bank will then pay Company XYZ the $114.00 to track and pay the taxes on that loan from the escrow. The Bank won’t be making a profit from the fee.

    January 21, 2021 at 3:20 pm EST #33271
    rcooper
    Member

    Thanks for the info. I’m not familiar with this service, but it seems you are requiring it as part of the settlement and you are requiring a particular provider. In that case, Services You Cannot Shop For would be appropriate.

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