If your loan is current and your Escrow account has an overage of $25.00 or greater, you will receive a check attached to the annual analysis statement. Surpluses under $25.00 will be retained in the escrow account and used to reduce your escrow payments for the coming year.
Escrow Information
What happens if a there is a shortage in my escrow account?
If your escrow account balance is less than the required amount needed at the time of your analysis, it may have a projected shortage. Your escrow shortage is automatically spread over a minimum 12-month period and included in your monthly payment. You do, however, have the option to pay the shortage in full. If you choose to pay the escrow shortage, your monthly mortgage payment will be adjusted to reflect the payment. When remitting the payment, be sure to indicate that the purpose is to pay the shortage, to ensure it is applied correctly. If you believe the shortage amount is incorrect please compare the anticipated escrow disbursement amounts for those items escrowed according to your statement with your annual tax bill and/or insurance renewal to ensure the amounts are correct.
Learn more in our My Escrow Analysis Statement video.
How do I keep track of the payments made to the escrow account?
Escrow payment amounts made each month and totals year- to-date are listed on your billing statement and also available via online or mobile app by logging into your account and clicking the “Escrow” tab.
Also, you will receive a very detailed annual escrow analysis statement that will show, among other items, moneys collected, disbursements made and anticipated disbursements for the coming year.
Learn more in our My Escrow Statement video.