Long story short, LESA lets you know there is an escrow account. Customer has insurance and fire dues paid with the lender for the life of the mortgage (or 21 years which ever comes first). There is not a specific document that says they will be doing it but the term LESA appears on several the documents, most specifically the loan amortization that is provided. When you look at the settlement statement, there is nothing regarding an escrow account established (ie 1000 series). It is buried as a line item on several docs.
|