An escrow computation year ends on 31 December 2026 and the servicer has not yet sent the annual statement.
Correct Answer
D) It is owed within 30 days of the end of the computation year
The servicer must deliver an annual escrow account statement within 30 days of the completion of the escrow account computation year, showing the account history and the projection for the coming year. Other choices: 60 days is twice the period allowed; the monthly bill does not replace the statement, which exists to show the analysis behind the figure; and 15 days is a period used elsewhere and not here. Source: 12 CFR 1024.17(i), annual escrow account statement
Why This Is the Correct Answer
The servicer must deliver an annual escrow account statement within 30 days of the completion of the escrow account computation year, showing the account history and the projection for the coming year. Other choices: 60 days is twice the period allowed; the monthly bill does not replace the statement, which exists to show the analysis behind the figure; and 15 days is a period used elsewhere and not here. Source: 12 CFR 1024.17(i), annual escrow account statement
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