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Escrow Waiver Agreement

Escrow Waiver Agreement Template for United States

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Key Requirements PROMPT example:

Escrow Waiver Agreement

"Need an Escrow Waiver Agreement for a residential property in California with a loan-to-value ratio of 65%, where the borrower has maintained perfect payment history for 24 months and wants to manage their own property tax and insurance payments starting March 1, 2025."

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Document background
The Escrow Waiver Agreement is utilized when qualified borrowers wish to manage their property tax and insurance payments independently rather than through their mortgage lender's escrow account. This document becomes necessary when borrowers meet specific criteria, such as maintaining a certain loan-to-value ratio and demonstrating reliable payment history. The agreement must conform to U.S. federal regulations, including RESPA and TILA, as well as state-specific requirements. It typically includes provisions for direct payment responsibilities, conditions for maintaining the waiver, and circumstances under which the lender may reinstate escrow requirements.
Suggested Sections

1. Parties: Identification of lender, borrower, and any other relevant parties

2. Background: Context of the original loan agreement and escrow arrangement

3. Definitions: Key terms used throughout the agreement

4. Waiver Terms: Specific conditions of the escrow waiver

5. Borrower Responsibilities: Direct payment obligations for taxes and insurance

6. Lender Rights: Rights to reinstate escrow under specified conditions

Optional Sections

1. Insurance Requirements: Detailed requirements for maintaining property insurance when specific coverage types are required

2. Property Tax Provisions: Specific requirements for tax payments when jurisdiction has unique payment requirements

3. Reinstatement Conditions: Detailed conditions under which the lender may reinstate the escrow requirement

Suggested Schedules

1. Payment Schedule: Schedule of tax and insurance payment due dates

2. Property Information: Details of the mortgaged property

3. Original Loan Terms: Reference to relevant terms from original loan agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Clauses




















Industries

RESPA: Real Estate Settlement Procedures Act - Federal law governing real estate settlement processes and escrow accounts

TILA: Truth in Lending Act - Federal regulation requiring disclosure of credit terms and costs to borrowers

Dodd-Frank Act: Wall Street Reform and Consumer Protection Act that includes provisions affecting mortgage servicing and escrow requirements

CFPB Regulations: Consumer Financial Protection Bureau regulations governing consumer financial products including mortgage servicing rules

State Banking Regulations: State-specific banking laws that may affect escrow account requirements and waivers

State Real Estate Laws: State-specific laws governing real estate transactions and escrow requirements

State Consumer Protection: State-specific consumer protection laws that may affect escrow waiver terms and conditions

Investor Guidelines: Requirements set by Fannie Mae, Freddie Mac, and other investors regarding escrow waiver eligibility

LTV Requirements: Loan-to-Value ratio requirements that must be met for escrow waiver eligibility

Insurance Requirements: Property insurance and flood insurance requirements that must be maintained under an escrow waiver

Payment History: Requirements regarding borrower's payment history and creditworthiness for escrow waiver eligibility

Property Tax Status: Requirements regarding current and historical property tax payment status for escrow waiver eligibility

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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