New Document: FHA Authorization to Apply Unused Escrow Funds (Cx17980)
Per ML 2013-29, for FHA-insured refinance mortgages with case numbers assigned on or after November 1, 2013, the lender must obtain the borrower’s written permission before unused borrower funds from an escrow account on an existing mortgage can be applied to the newly originated loan instead of giving the money directly to the borrower….