source:
  type: regulation
  id: reg-x-1024.34
  authority: 12 CFR §1024.34 — Timely escrow payments and treatment of escrow account balances
  description: 'Regulation X §1024.34 requires (a) timely escrow disbursements on

    or before the deadline to avoid a penalty per §1024.17(k), and (b)

    refund of any remaining escrow balance within 20 days (excluding

    legal public holidays, Saturdays, and Sundays) of payoff.

    '
obligations:
- id: reg-x-1024.34-a
  canonical_id: reg-x-1024.34-a
  section: 12 CFR §1024.34(a)
  description: '(a): (a) Timely escrow disbursements required. If the terms of a mortgage loan require
    the borrower to make payments to the servicer of the mortgage loan for deposit into an escrow account
    to pay taxes, insurance premiums, and other charges for the mortgaged property , the servicer shall
    make payments fr…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.34(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1024.34
    snapshot_id: f9b46e171f8bfdba
    fetched_at: '2026-05-22T18:24:06Z'
    content_hash: sha256:f700c263f348a73ff50f648ca4ae948a35da5f0c19327745aeecadf24b58c208
    paragraph_quote: (a) Timely escrow disbursements required. If the terms of a mortgage loan require
      the borrower to make payments to the servicer of the mortgage loan for deposit into an escrow account
      to pay taxes, insurance premiums, and other charges for the mortgaged property , the servicer shall
      make payments from the escrow account in a timely manner, that is, on or before the deadline to
      avoid a penalty , as governed by the requirements in § 1024.17(k) .
    drafter_attestation: Verbatim subsection of 12 CFR §1024.34 from Cornell LII snapshot f9b46e171f8bfdba;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-x-1024.34-b
  canonical_id: reg-x-1024.34-b
  section: 12 CFR §1024.34(b)
  description: '(b): (b) Refund of escrow balance —(1) In general. Except as provided in paragraph (b)(2)
    of this section, within 20 days (excluding legal public holi days , Satur days , and Sun days ) of
    a borrower''s payment of a mortgage loan in full, a servicer shall return to the borrower any amounts
    remaining in an…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.34(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1024.34
    snapshot_id: f9b46e171f8bfdba
    fetched_at: '2026-05-22T18:24:06Z'
    content_hash: sha256:f700c263f348a73ff50f648ca4ae948a35da5f0c19327745aeecadf24b58c208
    paragraph_quote: '(b) Refund of escrow balance —(1) In general. Except as provided in paragraph (b)(2)
      of this section, within 20 days (excluding legal public holi days , Satur days , and Sun days )
      of a borrower''s payment of a mortgage loan in full, a servicer shall return to the borrower any
      amounts remaining in an escrow account that is within the servicer ''s control . (2) Servicer may
      credit funds to a new escrow account. Notwithstanding paragraph (b)(1) of this section, if the borrower
      agrees, a servicer may credit any amounts remaining in an escrow account that is within the servicer
      ''s control to an escrow account for a new mortgage loan as of the date of the settlement of the
      new mortgage loan if the new mortgage loan is provided to the borrower by a lender that:'
    drafter_attestation: Verbatim subsection of 12 CFR §1024.34 from Cornell LII snapshot f9b46e171f8bfdba;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-x-1024.34-i
  canonical_id: reg-x-1024.34-i
  section: 12 CFR §1024.34(i)
  description: '(i): (i) Was also the lender to whom the prior mortgage loan was initially payable; (ii)
    Is the owner or assignee of the prior mortgage loan ; or (iii) Uses the same servicer that serviced
    the prior mortgage loan to service the new mortgage loan . CFR Toolbox Law about... Articles from
    Wex Table of Popul…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.34(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1024.34
    snapshot_id: f9b46e171f8bfdba
    fetched_at: '2026-05-22T18:24:06Z'
    content_hash: sha256:f700c263f348a73ff50f648ca4ae948a35da5f0c19327745aeecadf24b58c208
    paragraph_quote: (i) Was also the lender to whom the prior mortgage loan was initially payable; (ii)
      Is the owner or assignee of the prior mortgage loan ; or (iii) Uses the same servicer that serviced
      the prior mortgage loan to service the new mortgage loan . CFR Toolbox Law about... Articles from
      Wex Table of Popular Names Parallel Table of Authorities Accessibility About LII Contact us Advertise
      here Help Terms of use Privacy
    drafter_attestation: Verbatim subsection of 12 CFR §1024.34 from Cornell LII snapshot f9b46e171f8bfdba;
      body isolated between nav and notes; substring-verified.
  judgment: false
