Some Information About Escrow

Some frequently asked questions about escrow.

• Your Escrow Analysis Statement explained

  You can download a PDF that breaks down your Escrow Report Tax And Insurance Account Disclosure here.
   

• Can I have my escrow account reanalyzed outside of the normal escrow cycle?

  To keep payment changes to a minimum and keep things simplest for both you and the Credit Union, we keep the escrow analysis cycle on an annual basis. If you would like your account and payment reanalyzed outside of the normal annual cycle, the Credit Union can review your loan upon your request. These requests should only occur if there has been a change in any of the factors making up your payment, i.e. change in insurance payment amount, change in tax payment amount, deposit to escrow account for outstanding shortage and/or deficiency, etc.

• What is escrow?

  Escrow is a convenient way to manage property taxes and insurance premiums for your property. As your mortgage servicer, we collect these premiums monthly with your mortgage payment and pay them on your behalf!

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• What happens to the balance in my escrow account when I pay off my loan?

  Any balance remaining in the escrow account after your loan has been paid off will be refunded directly into your Share Savings with the Credit Union. At that point, the Credit Union will cease paying taxes and insurance on your behalf.

• Who should I contact regarding tax discounts and exemptions?

  If you qualify for a tax discount or exemption, this process will be handled through your county. If you have been approved for this arrangement, the county will simply provide the discounted rate for the Credit Union to pay. For any questions regarding these programs, please contact your county’s office.

• Is insurance required on my property?

  Continuous and sufficient insurance coverage is required for the life of the loan. If for any reason the Credit Union receives information that there is a lapse or insufficient insurance coverage on your property, the Credit Union will buy insurance on your behalf. The insurance the Credit Union buys may not provide as much coverage as an insurance policy you buy yourself and may be more expensive. If this insurance is placed on your loan, your escrow payment will be adjusted to account for the new insurance. Notifications will be sent out prior to insurance being force-placed onto your loan. If you do have an insurance policy in effect, simply provide documentation to the Credit Union in order to stop the force-placed insurance process.

• Who should I contact regarding changes to my insurance policy?

  Any changes to your insurance policy should be conveyed to our Mortgage Servicing department for proper handling. If you happen to move your policy to a new provider, it is best practice to place any refunds from your previous policy back into the escrow account to help minimize any deficiency and/or shortage in the account.

• Can I get a refund if I have a surplus in my escrow account?

  Any surplus equal to or greater than $50 will be refunded. If the surplus is less than $50, the amount will be credited against the next year’s escrow payments.