In an effort to make life easier, we sometimes make it more complicated than it should be. A lot of our clients call us to ask questions or make adjustments to their mortgages, when it’s actually easier – and faster – to do online! I’ll break down the amount of…
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.
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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