Posted by River City on July 27, 2005 at 05:42:50:
15 days is not much time for the lender to refund escrow, considering they must wait to ensure that the payoff funds were good. Fannie gives them 30 days to refund escrow if the escrow is over $1.00. Your state may have a specific requirement. However, IMHO, 15 days is unreasonable. Have you checked with your mortgage company? They should be able to tell you when your escrow funds will be issued.
I recently sold my house and the title company sent the pay off to the mortgage company. I was told by the title company that the mortgage company had 15 days to cut my refund check for the escrow account.
Is this a law? That mortgage companies only have 15 days to refund escrow monies after they recieve the pay off?