Escrow Analysis & Escrow Review Statement
Property tax and insurance rates change, so sometimes we need to adjust your monthly escrow amount to ensure it can cover these payments. This is one of the most common reasons why a homeowner’s payment may change.
At Mr. Cooper we run an escrow analysis at least once a year around the same time, depending on the state where your property is located.
It focuses on these areas:
- Your escrow account balance, monthly payment amount, and minimum required balance.
- The recent tax and insurance payments—or disbursements—we’ve made from your escrowed account.
- Projected property tax and insurance amounts, and their due dates, for the next year.
Details of your previous analysis, including the date completed, are in the “Escrow Analysis” tab once you’re signed in.
We’ll send you an Escrow Review Statement that explains the results of the escrow analysis.
- Your statement will inform you whether your monthly payment is going up or going down in the year ahead, based on this year’s tax and insurance payments.
- You may also end up with a shortage (too little) or a surplus (too much) in your account, based on next year’s projected payments.