Every year in October, we review your escrow account to make sure there’s enough money in it to cover your taxes and/or insurance premiums. We send you a summary statement of this report, called an escrow analysis. It includes a review of activity in your escrow account during the past 12 months, with projections for the next 12 months.
This helps us determine the amount you need to pay into your escrow account each month, so we can pay your taxes and/or insurance expenses on your behalf for the next 12 months.