Loan Has Tax Escrow (FI 61570) is used to designate that there is a tax item that is part of the escrow account on the loan. Recently the Loan Has Tax Escrow field was added as a print condition for several Illinois Mortgage Escrow Account Act documents, and it is also used as a print condition for standard NY Tax Escrow Account Designation (Cx2657) and by clients for a few other tax escrow related forms.
There is a global standard value field mapping that sets Loan Has Tax Escrow to “Yes” when Total Monthly Taxes (FI 15413) has a value. However, Total Monthly Taxes contains all taxes even if the taxes are waived from being included in the escrow account.
Updated global standard value field mappings for Loan Has Tax Escrow now use fields that designate whether or not there are escrowed Property Taxes from the LE/CD for TRID loans and the HUD-1 for non-TRID loans.
Loan Has Tax Escrow will be set to “Yes” when:
Integrated Disclosure Loan Indicator (FI 82233) is “Yes” and Projected Payment Table – Property Taxes Escrowed Indicator (FI 93350) is set to “Yes” or “Some”; or
Integrated Disclosure Loan Indicator (FI 82233) is not “Yes” and Fee 1004 Monthly Amount (FI 30502, the “Property Taxes” monthly amount if escrowed) is greater than zero.
Loan Has Tax Escrow will be set to “No” when:
Integrated Disclosure Loan Indicator is “Yes” and Projected Payment Table – Property Taxes Escrowed Indicator is not set to “Yes” or “Some”; or
Integrated Disclosure Loan Indicator is not “Yes” and Fee 1004 Monthly Amount is zero or empty.
These changes are available for testing on Stage & Stage 2 servers and will take effect on January 28, 2025. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
T3S-19655