HomeBridge is pleased to announce we will now offer escrow netting as an option for HomeBridge to HomeBridge refinance transactions for all product types.
Escrow netting allows the borrower to have their current escrow fund balance applied to the payoff amount of the loan being refinanced; it is not an escrow transfer. Escrow netting is an option for borrowers, not a requirement. Borrowers will have their current escrow balance refunded to them from Cenlar (the servicer) after loan closing if escrow netting is not requested.
Brokers may request escrow netting on any HomeBridge to HomeBridge refinance by emailing their Account Manager on loans currently in the pipeline or prior to submission.
FHA Transaction Specific
Escrow netting on HomeBridge to HomeBridge FHA transactions will require the borrowers sign the HomeBridge Borrower Escrow Credit Authorization; this form is only required on HB to HB FHA transactions.
A sample of the Borrower Escrow Credit Authorization HB to HB FHA Transactions Only form is attached for reference and will also be posted on the HomeBridge website at www.homebridgewholesale.com under “Forms