Escrow Analysis

Is there a regular time of year when an escrow analysis is done on a mortgage account?

At the beginning of March, when I went to make our payment, I noticed that our April payment would be almost $100 more then our usual payment. I called our mortgage company, Citi Mortgage, got the answers I wanted, it made sense to me so I just went about my business. When I went to pay the April payment, I called back because I wanted more answers.

In calling them again I found that they didn’t adjust my property tax or homeowners insurance to the correct payments. Both of the problems are on the mortgage company’s end. Of course what will they do to make it right? It isn’t like I have late fees they can refund or something. I have to resend paperwork, wait for it to arrive, wait for them to get the numbers right and then wait again for them to do another analysis.

What happened with the insurance payment was it was adjusted back in the fall and though the insurance company sent a notice – and the mortgage company sent us a letter saying they got it – Citi Mortgage still didn’t actually update it.

The same thing happened with our county taxes – it was adjusted in the fall but this time they didn’t get notified before the bill was sent. So rather then adjusting it and paying less, CitiMortgage was sent a refund by the county.

In doing the escrow analysis they used the higher of the numbers – almost $2K higher – which of course was going to up our monthly payment since that was not only higher then the actual payments, but higher then the estimated amounts.

They should have received the insurance paperwork already and I’m waiting on the county so I can get them the tax information. I’m not sure how long an escrow analysis will take but I bet we will have to pay the higher payment next month as well. That hurts because we weren’t planning on anything like that happening. This is a lesson to have a mini emergency fund.

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  1. » Blog Archive » Updated Escrow Analysis Says:

    [...] this month I wrote about having a new escrow analysis completed – due to two issues but I blame both on the bank. They claimed to have not received the [...]