Escrow requirement.

CFR · 2024-01-01 · US · Title 12

(a) (2) (i) The loan is an extension of credit primarily for business, commercial, or agricultural purposes; (ii) The loan is in a subordinate position to a senior lien secured by the same residential improved real estate or mobile home for which the borrower (iii) Flood insurance coverage for the residential improved real estate or mobile home is provided by a policy that: (A) Meets the requirements of § 614.4930; (B) Is provided by a condominium association, cooperative, homeowners association, or other applicable group; and (C) The premium for which is paid by the condominium association, cooperative, homeowners association, or other applicable group as a common expense; (iv) The loan is a home equity line of credit; (v) The loan is a nonperforming loan, which is a loan that is 90 or more days past due and remains nonperforming until it is permanently modified or until the entire amount past due, including principal, accrued interest, and penalty interest incurred as the result of past due status, is collected or otherwise discharged in full; or (vi) The loan has a term of no longer than 12 months. (3) (4) (b) (c) (i) That has total assets of less than $1 billion as of December 31 of either of the two prior calendar years; and (ii) On or before July 6, 2012: (A) Was not required under Federal or State law to deposit taxes, insurance premiums, fees, or any other charges in an escrow account for the entire term of any loan secured by residential improved real estate or a mob

official document · source cfr-2024 · id 12:§ 614.4935