Escrow System Improvement Act

[AI summary unavailable — showing source text] Escrow System Improvement Act - Requires the establishment of an escrow services plan in connection with any federally related mortgage loan if, at the time the loan is made or at any time thereafter, either the borrower of the lender requests it, and after being established any such plan shall continue in effect until the borrower has fully discharged his obligation under the laon. Requires that the contract of sale, deed or trust, or other appropriate document executed in connection with any federally related mortgage loan shall include a covenant fully informing the borrower of his right: (1) to have an escrow service plan established upon his request in connection with such loan as provided under this Act; and (2) to terminate any such plan under and in accordance with this Act. Provides that, within sixty days after the effective date of this of this Act, the lender under any federally related mortgage loan made before the effective date of this Act shall, in accordance with regulations prescribed by the Secretary, provide to any borrower under such a loan a written notice: (1) of his right under this section to request the establishment of an escrow services plan; and (2) des…