escrow Support
We’ve optimized this escrow guide to be easy to understand, because we know escrow can be one of the most complicated things about your mortgage.
See below for quick answers or explore each tab for more details.
Frequently Asked Questions
What Is an Escrow Account?
An escrow account is where funds are held to pay property tax and insurance bills on your behalf. If your loan is escrowed, a part of your mortgage payment goes into your escrow account every month.
Why Did My Monthly Payment Change?
An escrow analysis can raise or lower your monthly escrow payment for the upcoming year due to changes in your tax and insurance amounts. Read more
When Will You Analyze My Escrow Account?
We analyze your escrow account around the same time each year depending on the state where your property is located. Read more
How Much Insurance Do I Need?
Depending on the type of insurance, you will need enough to cover the lower of either the replacement cost of the property or the remaining principal balance on your loan.
So, if your unpaid principal balance (UPB) is $80,000 but the replacement cost is $120,000, you will need to carry a minimum insurance of $80,000 total.
What Do I Do with an Insurance Claim Check?
If you receive an insurance claim check, visit www.insuranceclaimcheck.com to get information and next steps.
What Happens If You Pay My Taxes Late?
If, on the off chance, we pay the taxes late, we’ll cover any penalty and interest amounts for the late payment by depositing funds into your escrow account.
When Will You Pay My Property Taxes?
If your loan is escrowed, we’ll pay the taxes around 10 business days prior to the date penalty and interest amounts will begin to accrue. We’ll let you know when that happens.