There may be a change in your monthly mortgage payment amount as a result of an escrow analysis or an Adjustable Rate Mortgage rate change. We'll notify you in advance of any changes and the start date for the new payment amount.

An escrow account is money we set aside to pay expenses related to your mortgage, like property taxes and homeowner's insurance. We break these expenses into monthly installments and add them to your mortgage payment. When your property tax and insurance bills are due, we pay them on your behalf from your escrow account.  Learn more in our Escrow Education Center.

The Real Estate Settlement Procedures Act (RESPA) is a federal law that dictates how lenders establish and maintain escrow accounts. Some states also have escrow account regulations for homeowners in the state. If your state does not have its own regulations, your escrow account is governed by RESPA. Learn more in our Escrow Education Center.

If the account is current and not in bankruptcy at the time of the analysis and the surplus is less than $49.00, we use the surplus to lower the monthly escrow payment. If the surplus is $49.00 or more, we refund the surplus. We will send a check within 30 days of completing the escrow analysis.

If the account is in bankruptcy or is not current at the time of the analysis, the surplus stays in the escrow account until the next escrow analysis. Learn more in our Escrow Education Center.

After we make any required escrow disbursements, we will refund the remaining escrow balance. We will send the refund check to the mailing address on file. Please allow 20 business days to receive the refund check. Learn more in our Escrow Education Center.