Understanding the Timeline for the Initial Escrow Statement

When it comes to the mortgage process, understanding the timeline for delivering the Initial Escrow Statement is crucial—especially if you’re a loan officer gearing up for your exam. This integral document serves as a roadmap for borrowers, shedding light on how their contributions will be allocated. But here’s the kicker: lenders have 45 calendar days from settlement to furnish this statement. You might wonder why this timeline matters. Well, let’s break it down.