Escrow Quiz for Servicing Operations | Baamboozle - Baamboozle

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What is it called when the current escrow account balance falls short of the target balance at the time of an escrow analysis?

Shortage

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lifesaver

Give 5 points!

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shark

Other team loses 10 points!

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rocket

Go to first place!

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banana

Go to last place!

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What is another name for the required minimum balance in a escrow account?

Escrow Cushion

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When is it required to have an escrow account for a conventional loan?

When the borrowers have less than a 20% down payment.

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banana

Go to last place!

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star

Double points!

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fairy

Take points!

thief

Give points!

What is PITI?

Principal, Interest, Taxes and Insurance

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What two things could change the amount of the escrow payment?

Taxes and Insurance

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seesaw

Swap points!

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star

Double points!

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rocket

Go to first place!

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banana

Go to last place!

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True or False: Escrows may be waived for borrowers with larger down payments or good credit

True

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What Is a escrow surplus?

An amount by which the current escrow account balance exceeds the target balance for the account.

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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

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What is the accounting that a servicer conducts in the form of a trial running balance for an escrow account?

Escrow Account Analysis

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monster

Reset all scores!

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rocket

Go to first place!

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fairy

Take points!

banana

Go to last place!

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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)

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