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 increa...

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.

On your Escrow Review Statement, you’ll see a month-by-month projection of your upcoming escrow deposits, the timing and amounts of upcoming disbursements we expect to make on your behalf, and the running balance of the escrow account.

We’ll send you an Escrow Review Statement that explains the results of the escrow analysis. Your statement will inform you whether your monthly payment is going up or going down in the year ahead, based on this year’s tax and insurance payments.

We’ll send you a projection of future escrow disbursements—which includes your new monthly payment amount—and an agreement that you must sign and return by the date listed in the cover letter. You must physically sign the agreement (no digital signatures) but you can send it back v...

Our Escrow Analysis & Escrow Review Statement article explains this. 3. Account Overview. This will show your current principal balance, escrow balance, and interest rate. 4. Past Payment Breakdown. This section recaps your last payment and the payments you’ve made to d...

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...

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.

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.

If you’re escrowed, your escrow balance will automatically transfer to us, and we’ll begin making tax and insurance payments for you.