Statement checklist · Free download
Initial Escrow Statement After Closing Checklist
Review an initial escrow statement for an account created after closing and verify the creation date, first deposit, projected items, cushion, and trial balance.
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Actual first-page previewInitial Escrow Statement After Closing Checklist
Before you fill it out
What this resource helps you document
Review an initial escrow statement for an account created after closing and verify the creation date, first deposit, projected items, cushion, and trial balance.
01Escrow creation date
02Initial deposit
03Projected disbursements
04Cushion and low balance
0545-day statement check
Federal baseline to check
Use the form with the rule, not instead of the rule.
These templates organize facts and records. They do not create a borrower right that the underlying regulation, loan terms, investor rules, or state law does not provide.
- For an escrow account established as a condition of the loan, the initial escrow statement is due at settlement or within 45 calendar days after settlement.
- For an escrow account established after settlement, the initial statement is due within 45 calendar days after the account is established.
- The statement should identify monthly mortgage and escrow amounts, projected escrow items and disbursement dates, the selected cushion, and a trial running balance.
Use this resource carefully
- Identify whether escrow existed at closing or was created later; the 45-day clock uses a different start date in those two situations.
- Compare each projected item with the then-current tax/insurance information rather than evaluating only the total monthly escrow deposit.
- Check the first-year trial balance for the selected cushion and the timing of large disbursements; an apparently high first deposit may reflect timing rather than an annual overcharge.
12 CFR § 1024.17(g)CFPB Regulation X § 1024.17(g) — Initial escrow account statementsOpen primary source ↗12 CFR § 1024.17(c)CFPB Regulation X § 1024.17(c) — Escrow calculations and cushionOpen primary source ↗CFPB consumer guidanceHow to dispute an error or request mortgage informationOpen CFPB guidance ↗