The escrow shortage is the amount needed to ensure the escrow account is fully funded in the upcoming year per the requirements under the loan documents, as well as state/federal law.

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. You may also end up with a shortage (too little) or a surplus (too much) in your account, based on next year’s projected payme...

Write a check or get a money order payable to “Mr. Cooper.” Once we receive your payment, it may take a few days to reflect on your account. However, your official payment date will be the date we receive it.

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.

This does not mean that the taxes will not increase to the full land and home assessed value during the following tax period, causing a possible shortage in your escrow account and/or resulting in a supplemental tax bill.

Payment Options Payment Methods We accept payments from: checking accounts; savings accounts; money market accounts; personal checks; money orders; and cashier’s checks. Note: We do not accept debit or credit card payments at this time.

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.

The amount owed each month can be affected by things like an escrow shortage, a change in your rate, or an active mortgage assistance solution. If this happens, we’ll adjust your AutoPay deduction accordingly.

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 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 for you.