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I’m having a brain freeze. On a payoff, I know we cannot net out the escrow balance from the loan balance.
1. If we are doing a refi of an in-house loan, and this refi is going to be sold on the secondary market, do we have to cut a check for that escrow balance, or can we simply do a credit in the 200 series of the HUD-1?
2. If it’s a refi of an in-house loan, do we have to give the borrower the surplus at all, or can we simply transfer it to the new escrow?
Thank you for clearing the fog for me!
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