How many calendar days after closing must a creditor provide an initial escrow account disclosure statement?

The correct amount of time required for a creditor to provide an initial escrow account disclosure statement after closing is 45 calendar days. This requirement is established under the Real Estate Settlement Procedures Act (RESPA), which mandates that creditors must inform borrowers about how their escrow accounts will operate, including the amount of money collected for property taxes and insurance, as well as any projected disbursements. This disclosure is important for promoting transparency and helping borrowers understand their financial obligations related to the escrow account.

The 45-day timeline ensures that borrowers receive this crucial information in a timely manner, allowing them to be aware of how their funds will be utilized and to anticipate future payments. Understanding this timing is essential both for compliance with the regulations and for maintaining good borrower relationships.