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.

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.

Having an escrow account is all about convenience. It means that you never have to worry about when property tax and insurance bills are due because we make the payments for you.

The minimum required balance is the lowest positive balance allowed in your escrow account at any given time —this positive balance is also known as a cushion requirement. This helps us minimize the impact to your monthly mortgage payment when property tax and insurance rates incre...

An escrow—or impound—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.

View and manage your escrow account online by signing in to your account. If you don’t have an escrow account with us but would like to set one up, please contact us. For other escrow-related questions, please reference our escrow support.

A shortage means we’ve projected that your escrow account will fall below the minimum required balance in the coming year. We’ll automatically spread the shortage amount over the next 12 months and add that to your monthly payment.

However, with an approved 100% tax exemption, you pay nothing and we do not collect funds in your escrow account to pay taxes. Common examples of 100% tax exemptions involve senior citizens and disabled veterans.

Basically, having an escrow account is all about convenience. It means that you never have to worry about when property tax and insurance bills are due, because we make the payments for you.

Mortgage insurance protects the investor or noteholder if the borrower defaults on the loan. It lowers the investor’s risk when funding a home loan. In most cases, if you pay at least 20% down on your home, you’re not required to carry mortgage insurance.