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Closing or Settlement >Escrow Rules
The lender is allowed to accumulate a borrower's payments up to a two-month advance cushion at the end of a year. But if a surplus develops beyond this amount, the borrower is now entitled to an immediate refund unless the surplus is less than $50. These rules apply to new loans.
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The Cathy Manchester Team Keller Williams Realty 19 Main St. Gray, ME 04039 Call us 7 days a week: 207.653.7653 Fax: 207.657.4740 cathym@maine.rr.com
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