The minimum required balance is the lowest positive balance allowed in your escrow account at any given time—this positive balance is also known as a cushion requirement. This helps us minimize the impact to your monthly mortgage payment when property tax and insurance rates ...

An escrow account is where funds are held to pay property tax and insurance bills on your behalf. If your loan is escrowed, a part of your mortgage payment goes into your escrow account every month.

A shortage means we’ve projected that your escrow account will fall below the minimum required balance in the coming year. We’ll automatically spread the shortage amount over the next 12 months and add that to your monthly payment.

At Mr. Cooper we run an escrow analysis at least once a year around the same time, depending on the state where your property is located. It focuses on these areas: Your escrow account balance, monthly payment amount, and minimum required balance. The recent tax and insurance payme...

Here are the key elements included in your monthly statement, along with a visual guide to help you locate them: 1. Statement Information. This is your basic information, like the date your statement was generated, loan number, amount due, and payment due date. 2. Explanation of Amou...

Learn how Mr. Cooper runs an escrow analysis at least once a year to adjust your monthly payment and balance. Find out how to get an Escrow Review Statement that explains the results and any surplus or shortage in your account.

An escrow—or impound—account is where funds are held to pay property tax and insurance bills on your behalf. If your loan is escrowed, a part of your mortgage payment goes into your escrow account every month. Then we use the money to make your property tax and insurance payments...

The escrow account must have a positive balance (no escrow advances that haven’t been repaid). If eligible, you can submit an escrow removal request from your online account. You’ll be able to select which eligible escrow items—like home insurance or property taxes—you want rev...

First, let’s understand what an escrow account is and why it can be helpful. Basically, having an escrow account is all about convenience. It means that you never have to worry about when property tax and insurance bills are due, because we make the payments for you.

An escrow account is where funds are held to pay property tax and insurance bills on your behalf. If your loan is escrowed, a part of your mortgage payment goes into your escrow account every month.