Each year ServiSolutions analyzes home loan escrow accounts to ensure adequate funds exist to pay for taxes and insurance. After the escrow analysis is complete, we will send you an escrow account disclosure statement by mail.
An escrow analysis is an audit of receipts and disbursements for your escrow account to determine whether your monthly payment is adequate to pay for taxes and insurance. Increases or decreases in your annual tax or insurance bills may cause your monthly mortgage amount to change.
If bills paid from your escrow account before the escrow analysis were higher than expected, your account may have a shortage. If bills were lower than expected, your account may have an overage.
Shortages are recovered by automatically prorating the shortage over 12 monthly payments. You have the option to pay the shortage in full to avoid or limit any increase in your monthly payment.
Overages less than $50 are prorated over 12 months to reduce your monthly payment amount. Overages over $50 are refunded by check, which is mailed separately.
If you have questions about changes to the tax or insurance amounts shown on your escrow analysis statement, please contact your county tax collector or insurance agent.
If you expect your tax or insurance amounts will change for 2017, please have supporting evidence of the new amount and call ServiSolutions Customer Service to discuss reanalyzing your account to calculate the appropriate payment.
For more information about your escrow account, visit http://www.servsol.com/homeowners/understanding-your-escrow-account.