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.

You can also make a one-time payment through your online account. Check out our Smart Calendar for important information about your due date, grace period, and more.

What is a grace period? Your grace period is a set number of days after your contractual due date when we’ll still accept your payment without charging a late fee. The number of days is outlined in your Note.

If you opened an escrow account as part of your loan agreement—or chose to open one to simplify your life—we will take care of your tax and insurance payments for you.

Write a check or get a money order payable to “Mr. Cooper.” Once we receive your payment, it may take a few days to reflect on your account. However, your official payment date will be the date we receive it.

If your loan is escrowed, you can count on us to pay your taxes on time. Your escrow account will be debited about 10 business days before the delinquency date, and we’ll let you know when that happens.

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.

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.

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.

Once your identity has been verified, you can say something like “ make a payment ” to get started. Just call 833-685-2565 to use our automated phone system. If calling from a number saved to your account, our system will automatically identify you.