When must the initial escrow statement be provided after closing, according to RESPA?

According to the Real Estate Settlement Procedures Act (RESPA), the initial escrow statement must be provided to the borrower within 45 days after closing. This requirement is designed to ensure that borrowers receive timely information regarding the funds being collected for their escrow account. The statement outlines the amounts collected and provides a breakdown of the estimated taxes, insurance, and other charges to be paid from the escrow account. This transparency is crucial for borrowers to understand how their payments are being allocated and to ensure that there are sufficient funds to cover future expenses related to the property.