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1.05 Explain the required starting balance.

The required starting balance represents the funds necessary to achieve the target balance in your escrow account during the year when combined with the monthly incoming escrow payments and disbursements. Regulations allow CalVet to require the borrower to repay a shortage in the required starting balance within 30 days or to repay the shortage amount in equal monthly payments over at least a 12-month period. CalVet chose to allow a repayment over a 12-month period.

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1.05 Explain the required starting balance.