Choosing the Right Mortgage For Your Home - Quicken Loans Zing Blog

If you’ve had a mortgage for over a year, and if your servicer manages your taxes and insurance, you’ve likely received some sort of escrow statement.

Your escrow statement is different than your billing statement in that it provides detailed information specific to your escrow account. You usually only receive an escrow statement once a year when your loan gets analyzed (what we call an escrow analysis).

If Quicken Loans services your home loan, we’ve got good news for you!

New and Improved Escrow Statement

Starting in September and moving forward, we’ll be sending out our escrow statements with a new and improved design, making it easier than ever to understand your statement.

How to Read Your Escrow Statement–Surplus from Quicken Loans Servicing Team on Vimeo.

New Escrow Analysis Schedule

As you know, we analyze your loan annually to ensure we’re collecting the right amount of money to cover your tax and insurance payments for the year.

We’ll still be doing this; however, we’re changing the month that we analyze your account, and we’ll be balancing your account at its minimum balance (typically after taxes have paid out). This will prevent large shortages from accumulating in your account. This also means you could receive two statements over the next year while we transition to this new schedule.

Have questions about escrow? Check out these answers to common escrow questions.

Still have questions? Leave a comment below!

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This Post Has 10 Comments

  1. This is what every other mortgage company I have ever dealt with does. You send me a bill, and increase my mortgage. Why can’t I just pay 1 bill and leave my mortgage alone.

  2. I would like to see Q.L. start a program that would allow consumers in good standing to manage escrow on their own. My wife and I budget every month and we’d like to be in control of our escrow. I understand why Q.L. retains control of escrow accounts but members in good standing could manage their own taxes and insurance. Perhaps a pilot program that would require mortgage holders to prove insurance retention and tax payments (scan and send receipts) while retaining control of our own escrow.

  3. If my insurance or taxes go up I’d rather pay a 1 time hit for the escrow instead of having my monthly mortgage go up each month. This is what every other mortgage company I have ever dealt with does. You send me a bill, and increase my mortgage. Why can’t I just pay 1 bill and leave my mortgage alone?

    1. Hi Mary!

      I’ve sent your concerns to the appropriate folks who should be in touch with you soon.

      Thanks for reading!

  4. What assurances do I have that my flood insurance premium will be paid on time and sent to the correct billing address? Last year it was not sent to the correct address, causing my policy to be cancelled by the insurance company. I had to personally get a new policy and now have to pay twice the premium and twice the deductible. Have any new safeguards been put into place to prevent any other customers from going through what I went through?

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