Yes, there is an option to make an escrow shortage payment in a lump sum online or via the phone with an agent based on your type of loan.Use the one-time payment option online or on our mobile app and click the “Additional Escrow” button and follow the instructions on screen. You can also pay by phone with a live agent by contacting Customer Care at 888.504.6700 Monday – Friday 8:00 a.m. – 6:00 p.m. CT. Both options are provided at no charge.
Are a fee and initial deposit required to establish an escrow account?
There is no fee required to establish an escrow account with Rushmore, but a deposit for the purpose of creating an initial balance in your escrow account is required. Over the first 12 months that your escrow account is active, Rushmore will collect a deposit in 12 equal payments. This amount is in addition to what is collected to pay all installments of taxes and/or insurance premiums to be paid from your escrow account.
What is an escrow cushion?
An escrow cushion is allowed by federal and most state laws and acts as an additional safeguard to cover unanticipated disbursements or disbursements made before all of your payment have been made into your escrow account. The maximum allowable cushion is equal to two monthly escrow deposits unless otherwise required by state law.