Escrow payment amounts may increase if there is a shortage of funds in your escrow account. Some of the most common reasons for escrow shortages are: 1) An increase in the amount of your annual property taxes; 2) An increase in your annual insurance premium; or 3) the actual tax or insurance payment from escrow differs from the original estimate.
If you have questions about an increase in your property taxes or homeowner’s insurance premiums, please contact your local taxing authority or insurance agent, respectively. They are the best source of information to explain changes in your bill.
In addition, each year you will receive an Escrow Analysis Statement which details monies collected, disbursements made, and anticipated disbursements for the coming year.
Learn more in our My Escrow Analysis Statement video