Initial Escrow Account Disclosure Statement
Document detailing the management of funds in an escrow account.
Last updated
December 2, 2024
The Initial Escrow Account Disclosure Statement serves as a crucial document for financial institutions, particularly in the context of mortgage lending. It provides borrowers with a clear breakdown of the initial escrow account setup, detailing how funds will be collected and disbursed for property-related expenses.
This document not only outlines the amounts set aside for various categories like taxes and insurance but also helps borrowers understand the calculations that determine their monthly escrow payments. By offering transparency in fund management, the Initial Escrow Account Disclosure Statement fosters trust between lenders and borrowers.
Extractable Data Fields
Below is a table listing the key data fields that Vaultedge can extract from the Initial Escrow Account Disclosure Statement. Please refer to the table below for detailed information.
|
| FHA OR VA Case Number | Yes | number |
| Escrow Number | Yes | text |
| Loan Number | Yes | number |
| Loan Amount | Yes | amount |
| Date | Yes | date |
| First Payment Date | Yes | date |
| Servicer Name | Yes | text |
| Servicer Address | Yes | text |
| Borrower Name | Yes | text |
| Property Address Full | Yes | text |
| Monthly Escrow Payment | Yes | amount |
| Initial Escrow Balance | Yes | amount |
| Property Tax | Yes | amount |
| Property Tax Month | Yes | date |
| Prop. Tax | Yes | amount |
| Prop. Tax Month | Yes | date |
| Flood Insurance | Yes | amount |
| Flood Insurance Month | Yes | date |
| Hazard Insurance | Yes | amount |
| Hazard Insurance Month | Yes | date |
| City Tax | Yes | amount |
| City Tax Month | Yes | date |
| County Tax | Yes | amount |
| County Tax Month | Yes | date |
| Wind Insurance | Yes | amount |
| Wind Insurance Month | Yes | date |
| Village Property Tax | Yes | amount |
| Village Tax Month | Yes | date |
| Town Tax | Yes | amount |
| Town Tax Month | Yes | date |
| Borough Tax | Yes | amount |
| Borough Tax Month | Yes | date |
| School Tax | Yes | amount |
| School Tax Month | Yes | date |
| Irrigation Tax | Yes | amount |
| Irrigation Tax Month | Yes | date |
| Misc Tax | Yes | amount |
| Misc Tax Month | Yes | date |
| Cushion selected by servicer | Yes | amount |
| Total Disbursements | Yes | amount |
| Property Taxes Payable To | Yes | text |
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