Per the Loan Delivery and Purchase Guidelines/Escrow Information-Due Dates section,
ServiSolutions requires the taxes to be escrowed to reflect the first available due date for all states.
Property taxes having a first available due date within 60 calendar days of closing must be paid at time of loan closing and evidenced on the CD and Title. Any taxes and or insurance having a first available due date within 30 calendar days of purchase must be paid prior to purchase.
In cases where the bill is available, a pay history reflecting the tax disbursement will be required for purchase. The pay history must show a positive escrow balance including the two month cushion.
In circumstances where the bill has not yet been issued
and the taxes do not indicate paid on the Final CD
, a copy of the check will be required as evidence of intent to pay at the time of bill release. Additionally, a pay history reflecting the tax disbursement will be required for purchase. The pay history must show a positive escrow balance including the two month cushion.
ServiSolutions will not cover any escrow shortages. If an escrow shortage is discovered, the lender must correct the escrow then provide any needed documentation for purchase as indicated above.
Please do not pay any taxes on the loan after it has been purchased by ServiSolutions. Also, if applicable, do not pay mortgage insurance installments after ServiSolutions’ first scheduled payment date with the borrower. The date through taxes are paid must agree with exceptions for taxes in the title policy. Under no circumstances should the title policy take exception to taxes other than those, which are not yet due and payable. Postponed or deferred taxes are not acceptable.
The First Available Due Date for Arkansas’ 2019 taxes is 4/1/20. Therefore, ServiSolutions will require Arkansas lenders to provide evidence of tax disbursement for all loans with a purchase date of 3/1/20 and after.
