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The Escrow Account Disclosure Statement skill extracts data from escrow account disclosure statements. An escrow account is an account that receives part of a mortgage borrower’s monthly payments from the lending organization in order to cover insurance and property tax expenses. An escrow account disclosure statement contains information about the lending organization, the borrower, deposits made to the account over the reporting period, and the expenses covered by payments made from the account. The Escrow Account Disclosure Statement skill is a preview skill. It has been trained on a limited set of documents and is designed to help you quickly get started with processing escrow account disclosure statements. For production use, you may need to uptrain the skill with your own document samples.

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Countries and Languages

CountriesLanguages
USAEnglish

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Extracted Fields

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Basic Information

FieldDescription
Loan NumberThe loan identifier.
Disclosure DateThe date of the disclosure.
Property AddressThe address of the financed property.

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Borrower Information

FieldDescription
Borrower NameThe name of the borrower.
Borrower AddressThe address of the borrower.
Co-Borrower NameThe name of the co-borrower.
Co-Borrower AddressThe address of the co-borrower.

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Servicer Information

FieldDescription
Servicer NameThe name of the lending organization.
Servicer AddressThe address of the lending organization.
Servicer Phone NumberThe lending organization’s contact number.

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Current Monthly Mortgage Payment (current reporting period)

FieldDescription
Effective DateThe date of the payment.
Principal & InterestThe monthly payment size (both principal and interest).
Escrow DepositThe monthly escrow deposit payment.
Shortage or SurplusThe total payment shortage/surplus for the reporting period.
Optional InsuranceThe monthly insurance payment.
OtherOther payments.
SubsidyThe subsidized amount.
TotalThe total amount payable for the reporting period.

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New Monthly Mortgage Payment (new reporting period)

FieldDescription
Effective DateThe date of the payment.
Principal & InterestThe monthly payment size (both principal and interest).
Escrow DepositThe monthly escrow deposit payment.
Shortage or SurplusThe total payment shortage/surplus for the reporting period.
Optional InsuranceThe monthly insurance payment.
OtherOther payments.
SubsidyThe subsidized amount.
TotalThe total amount payable for the reporting period.

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New Monthly Mortgage Payment Option 2 (new reporting period)

FieldDescription
Effective DateThe date of the payment.
Principal & InterestThe monthly payment size (both principal and interest).
Escrow DepositThe monthly escrow deposit payment.
Shortage or SurplusThe total payment shortage/surplus for the reporting period.
Optional InsuranceThe monthly insurance payment.
OtherOther payments.
SubsidyThe subsidized amount.
TotalThe total amount payable for the reporting period.

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New Monthly Escrow Payment

FieldDescription
Monthly Escrow PaymentThe size of the monthly escrow payment for the new reporting period.
Effective DateThe date of the payment.

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Account Balances

FieldDescription
Projected Annual Escrow PaymentThe projected total annual escrow payment.
Starting Balance ProjectedThe projected starting balance of the escrow account.
Starting Balance RequiredThe required escrow account starting balance.
Projected Escrow Lowest BalanceThe projected lowest escrow account balance.
Required Escrow Lowest BalanceThe required lowest escrow account balance.
Shortage or SurplusThe escrow shortage or surplus.
ShortageThe escrow shortage.
SurplusThe escrow surplus.

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Projected Escrow Account Transactions (repeating group)

FieldDescription
MonthThe reporting month.
Payments to EscrowThe total payments made to the escrow account.
Payments from EscrowThe total payments made from the escrow account.
DescriptionDescription of expenses covered by money from the escrow account.
Projected BalanceThe projected escrow account starting balance for the reporting month (Month).
Required BalanceThe required escrow account starting balance for the reporting month (Month).

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Key Fields

  • Loan Number
  • Disclosure Date
  • Borrower Name
  • New Monthly Mortgage Payment/Total
  • New Monthly Mortgage Payment/Effective Date
  • New Monthly Escrow Payment/Monthly Escrow Payment

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Validation Rules

RuleDescription
Copy Borrower Address to Co-Borrower AddressIf the borrower and co-borrower reside at the same address, copies the value of the Borrower Address field to the Co-Borrower Address field.
Check and Complete Projected Annual Escrow PaymentChecks that the value of the Projected Annual Escrow Payment field is equal to the total sum of all payments from the escrow account (Payments from Escrow) over the duration of all reporting periods. If the values are not the same, displays an error message. If the Projected Annual Escrow Payment field is not filled in, fills it in using the sum of the Payments from Escrow fields for all reporting periods.
Separate Currency from AmountSplits the amount and the currency in the following fields: Starting Balance Projected, Projected Balance, Projected Escrow Lowest Balance, Escrow Shortage Payment.
Copy Min ProjBal to Projected Escrow Lowest BalIf the Projected Escrow Lowest Balance field is not filled in, fills it in using the lowest value of all Projected Balance fields for the reporting period.
Copy Min ReqBal to Required Escrow Lowest BalIf the Required Escrow Lowest Balance field is not filled in, fills it in using the lowest value of all Required Balance fields for the reporting period.
Check and Complete Shortage or Surplus1. If the Shortage or Surplus, Shortage, Projected Escrow Lowest Balance, Required Escrow Lowest Balance fields are not filled in, fills them in using the following value: ReqBal + (- ProjBal). 2. Calculates the values of the Shortage and Surplus fields.