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Escrow Outsourcing

The new RESPA escrow requirements have created great challenges for many small lenders. Without adequate tracking capabilities, the new regulations may conceivably drive lenders out of the business of originating higher-priced mortgage loans (HPML’s).

Turning away these customers represents not only a loss of revenue, but a diminished relationship with your customers.

TEJ Agency has a comprehensive escrow administration solution for small lenders who have been struggling to comply with the new Real Estate Settlement Procedures Act (RESPA).

Utilizing a loan wizard and single sign-on security technology, loan personnel are walked step-by-step through the process to enter the borrower’s loan and property information to retrieve real-time tax line information utilizing the system’s 134 million parcel strong database.  From there, loan officers have the ability to amend tax lines and enter insurance information to generate the Initial Escrow Analysis Disclosure statement.

It also includes escrow disbursement scheduling for real estate tax payments and property insurance payments as well as the generation of the Annual Escrow Analysis Statement. 

Now, lenders don’t have to choose between investing valuable time learning the ins and outs of escrow regulation or exiting the origination business.