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
Hassle-Free Billing
Costs associated with tax and insurance bills are included in your regular mortgage payment.
Easy Budgeting
Costs for the year are spread into smaller payments each month.
Financial Convenience
Organizes payments to help you avoid late fees on taxes and insurance.
Annual Analysis
Annual expenses are reviewed and payments are adjusted accordingly.
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 change in your mortgage payment along with a personalized video (if we have your email on file) explaining the results.
Need a quick breakdown of how to read your escrow analysis? Check out our detailed explanation.
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. You can also send us a secure email through your online account. Sign in to your online account and click Account Details to access your dashboard. On the right side of your dashboard, click Contact Us. Choose Escrow Payment or Analysis in “What is your question about?” and select an option that best fits your request. Add details and click Submit.
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 Account Details to access your dashboard, then choose Escrow and select Escrow Statement to view your current escrow statement.
Sign in to your online account, click Account Details to access your dashboard. Hover over Escrow to view your escrow overview, accounts, disbursements, statements, and analysis.
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.
Possibly. You can ask us to remove your escrow account either verbally or in writing.
To make your request online, Sign in to your online account and click Account Details to access your dashboard. On the right side of your dashboard, click Contact Us. and choose Escrow Payment and Analysis from the available options under “What is your question about?” Next, select More Specifically and choose Requesting for my escrow account to be deleted. In the Details field, provide a detailed description of why you want us to remove your escrow account and click Submit.
We’ll review your request in conjunction with your mortgage agreement and all applicable regulations, and we’ll respond to you within 30 days. Note: For some loans, an escrow account is required and cannot be removed. Learn more in our escrow article.