2023 Escrow Analysis
1,600 escrow analysis for our 1st mortgage and some commercial real estate clients are hitting the mail this weekend with the adjustment taking affect 12/1/2023 (similar numbers to last year).
Escrow FAQs are in a SharePoint document under Loans/Procedures for your review. A few high points:
• Many of our borrowers this year saw an increase due to rising insurance premiums, more so than in years past.
• If payment is made via I-banking, it is on the customer to get that updated if it is a recurring transaction. The reminder is included in the cover letter (posted to SharePoint as well) that accompanies the analysis along with I-banking banners taking effect next week.
• The payment change in the system will not be visible for most customers until the actual bill drops in the account around November 21st.
• These are disclosures that are mailed regardless of enrollment in e-statements and are not yet available in I-banking for viewing. Please refer to Customer Statements and Notices in OnBase to view.
If borrowers need further assistance, please check with their mortgage lender first so they can remain point of contact to assist in uncovering other needs. The lenders can then work with the servicing team to resolve any further discrepancies.