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One of the many benefits of the VA IRRRL program is the ability to get your escrow account refunded to you after closing. This money comes directly from your existing lender and is yours to spend however you choose. Every month when making your mortgage payment part of the payment goes to an escrow account held by your existing lender. The lender holds this money for you and pays the appropriate taxes and insurance on your home when the bill comes due. At closing we set you up with a new escrow account with the correct amount of taxes and insurance so you can avoid an escrow shortage. You will be covered by your new loan when the taxes and insurance on your property come due. You current lender will refund to you, your escrow account, after they have processed your loan payoff. Typical turn time to recieve your escrow refund is as little as 7-10 business days but never more than 30 days.
The cash recieved after closing depends on the amount of funds available in your current escrow account. Escrow refunds can range from a few hundred dollars to thousnands of dollars. It all depends on your escrow balance at the time of closing. Your loan processor inform you of your escrow balance.
Our VA IRRRL Pofessionals will do a thorough escrow analysis in conjunction with your insurance provider and your county tax office to insure your new escrow account is established with the correct balance which includes an additional two month cushion. If this cushion is not used in your upcoming tax and insurance bill you will be refunded this amount also.
If you have any quesitons regarding your escrow refund or establishment of your new escrow account click on the "Chat" link located at the top of this page, email us directly at email@example.com or call us directly at 443-402-6457.
Credence Funding Corporation is not a government agency, and is not affiliated with any other mortgage lender or banking institution. Credence Funding Corporation is sponsored by the Veterans Administration. Credence Funding Corporation is a licensed Mortgage Lender. Licensed by the Maryland Department of Finacial Regulation 06-20051, Licensed by the Colorado Division of Real Estate, Licensed by the Florida office of Financial Regulation MLD 1041, Licensed by the Georgia Department of Banking and Finance 36848, Licensed by the New Jersey Department of Banking and Insurance, Licensed by the Pennsylvania Department of Banking and Securities 39247, Licensed by the Texas Department of Savings and Mortgage Lending, Licensed by the Virginia Bureau of Financial Institutions MC5662. Licensed by the Tennessee Dept. of Financial Institutions License #124448. Licensed by the California Dept. of Business Oversight License 60DBO44661. Licensed by the Washington Dept. of Financial Institutions License CL-878490
Contact Credence Funding Corporation to find out more about the products and services we can provide. Regarding TEXAS residents and, properties located in TEXAS: "CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV."
Illinois: James R. Thompson Center, IDFPR-Residential Mortgage Banking, 100 W. Randolph, 9th Floor, Chicago, Illinois, 60601 Tel: (844) 768-1713