How many months are required for reserves at time of closing a loan???

[Concha]

What is the name of your state? California

[HUD-1]

Does RESPA require lenders to maintain a cushion?


NO. The RESPA statute and regulations do not require the lender to maintain a cushion. However, since 1976 the RESPA statute has allowed lenders to maintain a cushion equal to one-sixth of the total amount of items paid out of the account, or approximately two months of escrow payments. If state law or mortgage documents allow for a lesser amount, the lesser amount prevails.