1). When requesting the payoff you will need to specifically
request that we do not net the escrows on the existing payoff.
2). Also when requesting the payoff please specify the
transaction is a Gateway to Gateway refinance.
3). Also we need to know the required escrows on the new loan.
4). If the escrow balance on the old loan exceeds the required
escrow amount on the new loan, the required amount will be transferred to the
new loan and any overage will be refunded 30 days after payoff.
5). If the escrow balance on the old loan does not meet the
required escrow amount on the new loan, the balance will be transferred and the
difference will need to be collected at closing of new loan on the HUD 1.
Thanks and let me know if any questions.
Roy
Briggs, III
VP-Mortgage
Servicing
Office:
(918) 526-5225
efax: (918) 858-8354
8/30/2010