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Escrow Statement Overview
Here's a guide to the information you'll find in your escrow statement.
Click the links below to view a detailed overview of each section:
- Payment Info
- Account Info
- Actual Account Activity History
- Projected Account Activity
If you have a shortage — meaning that we've had to pay more out of your escrow account than you deposited into it — your statement will include an option to pay the entire amount up front, via the shortage payment coupon at the bottom of page 1. Detach the coupon and send it with your shortage payment if you choose this option.
Highlighted below are sections that explain why you have a shortage and your shortage amount, should you choose to pay.
If you have an overage - meaning you have more in your escrow account than needed — we will mail a refund check for any overage amount above $50 in a separate envelope.
Highlighted below is amount of your check.
Page 1 of your escrow statement has your payment information. It shows your current monthly payment amount, your new monthly payment amount, and the date when the new payment amount goes into effect. This information will vary depending on whether you have a shortage or an overage.
The top cells are your previous year breakdown and the bottom cells are your current year..
At the top of your escrow statement is a box highlighting your mortgage and escrow account details.
Actual Account Activity History:
This section shows the amounts actually paid to and from your escrow account during the previous year, along with the amounts we had projected from your previous review/analysis.
Projected Account Activity:
This section shows your expected escrow activity in the coming year. You'll see the total projected disbursements (payments) from your account, as well as the activity from month to month.
We’ll list the required minimum balance for your account, along with the smallest balance we expect it to actually have. The difference between these two amounts corresponds to your current shortage or overage amount.
Predictions are based upon current bill amounts and due dates.