25 Miss. Code. R. 202-13.6
Completion escrow money is money that the seller agrees to pay at the sale of the home for repairs that need to be completed in order to close the loan. It is rare that the agency receives these funds. When we do, the VA requires 1 1/2 time the estimated cost of repairs to be paid. Once the work is completed, the actual cost of the repairs will then be paid from this money collected at closing and any difference would be returned to the seller who funded the money to start this process. This money is recorded on the Loan Servicing system and is recorded in the Loss Draft account at the bank, on the Index Cards and on the Loss Draft spreadsheet maintained by the Accounting Department. The process is as follows:
The monies are accounted for in the same manner as the Loss Draft monies.
25 Miss. Code. R. 202-13.6