Escrow Hub
Your guide to escrow accounts and why they matter.
What You Need to Know About Escrow
As a homeowner, understanding how your escrow account works is essential, and we're here to help.
A loan-servicing escrow account is an account that we maintain to pay your taxes and homeowners insurance on your behalf, using funds set aside from your monthly mortgage payments. This means you don’t have to worry about paying these bills directly—we handle making the payments for you!
It’s important to note that the amount you contribute to your escrow account may change over time, depending on adjustments to your property taxes or insurance premiums.
Questions about your escrow analysis?
Check out this quick breakdown of how to read your escrow analysis.
Benefits of an Escrow Account
Automatic Savings
Tax and insurance bills are included in your regular mortgage payment.
Easy Budgeting
Costs for the year are spread into smaller payments.
Financial Management
Keeps payments organized and prevents surprise costs.
More Convenience
Never worry about due dates or late fees.
Frequently Asked Questions
Requests for analysis outside of the annual schedule will be fulfilled within 21 days. For analysis provided on an annual basis, the delivery timeframe will depend on the current conditions of your loan.
We analyze your escrow at least annually. After completing our analysis, we mail you a detailed letter explaining the results and any changes in your mortgage payment. We’ll also email you a personalized video summarizing the results.
If you have an escrow surplus, we include your surplus check in the same envelope as your escrow analysis letter. Learn more about escrow refunds in our article.
Cushions are added to your escrow based on state requirements. To learn more, read about cushions in our What is Escrow? article.
If you suspect an issue—such as a tax or insurance bill not being paid—contact us. We’ll work closely with you to resolve it.
Insurance: Your insurance premium is determined annually by your provider. You can request a new quote from another provider or contact your insurer to discuss the increase.
Taxes: Your local government calculates taxes based on your property’s assessed value and tax rate. Contact your local tax authority for more information.
Yes. Sign in to your online account, click your loan number to access your dashboard, then choose Mortgage Assistance and select Available Documents to view your current escrow statement.
Use our automated system to check the date of your last escrow analysis, see if your payment has changed, and view your new escrow amount.
Possibly. Only 15 states require interest to be paid on escrow accounts (e.g., California, New York, Massachusetts). Rules vary, so consult your financial advisor or attorney for details relevant to your state.
Property taxes may be tax deductible. However, only the actual taxes we paid on your behalf—not the amount deposited into escrow—may be able to be deducted. Consult your tax advisor for guidance.