Closing Escrow Account
If the balance of the escrow account is not zero on the date chosen for the closing of the loan, Moneylender will ensure the money in the escrow account is properly accounted for.
Click Loan Balancing step.to go to the
If there is a credit balance in the escrow account, you will have two options:
Disburse the escrow balance to the borrower directly from the escrow account.
Apply the escrow balance toward the balance of the loan. Be sure you have written permission from the borrower to do this, as funds in the escrow account often have legal protections to prevent lenders from using the funds without the borrower’s permission.
If there is a shortage in the escrow account, Moneylender will increase the loan amount to bring the escrow balance to zero.