If your mortgage includes an escrow account for payment of taxes and insurance:
Your payment may change on September 1, 2021
You will soon be receiving your annual Escrow Disclosure Statement in the mail.
What is an annual Escrow Account Disclosure Statement?
The escrow account on your loan was established to pay certain bills associated with your property. These may include your real estate property taxes, homeowners insurance, flood insurance (if required), or federal or private mortgage insurance (MIP or PMI). The annual Escrow Disclosure Statement is a review and recalculation of the escrow account based on actual amounts paid into the escrow account and actual amounts disbursed from the escrow account. Over time, taxes and insurance premiums change, so your escrow account must reflect that change.
You will also be receiving a document entitled “How to Read Your Escrow.” If you would like additional assistance, please contact us, (800) 683-0973, and extension 2327
What you need to do:
Watch for this document in the mail - it will come separate from your monthly billing statement. Review the documents, ask questions, and make sure that you change any automatic payments you may have set up. If you have automatic payments set up through 1SB then the bank will update those amounts for you. If you set up those payments through online banking at another financial institution, you will need to update the amount due.
If you have a shortage, there are 2 possibilities to review:
- Pay the shortfall in full
- Divide the full amount over the next 12 months
If you are unable to make your payment, please contact us, (800) 683-0973, and extension 2327