Reserves Deposited with Lender

Reserves – Used to determine the number of months required and the amount of reserves needed to establish an escrow account for the new loan. These amounts will vary until you have tax certificates and your insurance documents to finalize the numbers. Reserves are funds the lender required to be paid at closing if you plan to escrow your taxes and insurance. You pay a determined number of month’s taxes at closing depending on the country and state where the property is located, as well as when the taxes are collected. Tax payments must be current for the year. You will also pay a determined number of months insurance as well.

The reserves are the 1000 series of the good faith estimate.

1001 Hazard Insurance Premium (x Months x $)

1002 Mortgage Insurance Premium Reserves (x Months x $)

1003 School Tax (x Months x $)

1004 Taxes and Assessment Reserves (x Months x $)

1005 Flood Insurance Reserves (x Months x $)

National Mortgage Lenders

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