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Escrow Basics

Created On: 11/14/2024 in Escrow, Tax & Insurance

What is an escrow account? Think of it like a savings account dedicated to the tax and/or insurance expenses required for your property—and as your loan servicer, we help you manage it. Depending on the terms of your mortgage, your escrow account m...
Escrow Waiver

Created On: 11/14/2024 in Escrow, Tax & Insurance

Can I remove my escrow account? Options to remove an escrow account from a loan vary based on factors such as state laws, investor guidelines, loan type, property type and Loan-to-Value (LTV) ratio. If the loan qualifies, tax payments and homeow...
Claims

Created On: 11/14/2024 in Escrow, Tax & Insurance

What do I need to do if my home has been damaged? Here’s what you need to do first: Contact your hazard insurance company to file a claim. Call us at  833.253.1133 , and w e'll let you know what information is required to d...
Escrow Basics

Created On: 11/14/2024 in Escrow Statement FAQs

What is an escrow account? Think of it like a savings account dedicated to the tax and/or insurance expenses required for your property—and as your loan servicer, we help you manage it. Depending on the terms of your mortgage, your escrow account m...
Shortage

Created On: 11/14/2024 in Escrow Statement FAQs

What is an escrow shortage? All escrow accounts have a minimum required balance , which equals your expected tax and insurance expenses plus some extra money in case your bills go up – this is called a cushion. If your escrow account balance is e...
Surplus

Created On: 11/14/2024 in Escrow Statement FAQs

What is an escrow surplus? All escrow accounts have a minimum required balance, which equals your expected tax and insurance expenses plus some extra money in case your bills go up – this is called a cushion. If your escrow account balance is mor...
Keeping Track of Your Escrow Activity

Created On: 11/14/2024 in Escrow Statement FAQs

How can I see my escrow account activity? As your mortgage partner, we strive to make it easy to view and understand your escrow activity. We provide 24/7 access to track your escrow balance, deposits, and disbursements online, plus other easy ...
Contacts

Created On: 11/14/2024 in Escrow Statement FAQs

Who do I contact with questions about my escrow expenses? Taxes: Your local tax assessor’s office. Insurance premiums: Your insurance company. Your escrow payments and expenses: Reach out to us. We'll be happy to help! Please see our...
Change in Your Mortgage Payment

Created On: 11/14/2024 in Escrow Statement FAQs

Why did my payment change? When your taxes and/or insurance bills change from year to year, it may be necessary to adjust the amount you are paying into your escrow account, too. Reasons your expenses changed may include: Insurance: Changes...
Video: Understanding Your Escrow Statement

Created On: 11/14/2024 in Escrow Statement FAQs

We review your escrow activity at least annually to help ensure your account has enough funds to cover your property tax and/or insurance expenses, which can change from year to year. After each review, we send an Escrow Account Disclosure ...