|
Coupons and Payments
If you pay by coupon, a new coupon book will be mailed under separate cover. If your payment is made using our Electronic Funds Transfer (EFT) service, the draft will automatically change to reflect the new payment amount and will be effective with the date indicated. If you have additional funds being applied to principal each month, we will continue to draft this amount over and above your new monthly payment.
Please note that changes in your monthly payment often result from increases or decreases in your property's insurance premiums, taxes, or assessments. An increase in any item means that the amount paid from your escrow account was greater than the amount previously collected, resulting in a shortage. This shortage is spread over a minimum 12-month period and added to your new escrow payment. If you prefer, you may pay the shortage in full, using the coupon attached to the Escrow Analysis Statement.
If you have deposited more money in your escrow account than is required for related disbursements, this results in a surplus and will appear on the Escrow Analysis Statement. If the surplus amount is $50.00 or more and your loan is current, a check is attached to the bottom of the Escrow Analysis Statement. Any surplus of less than $50.00 will be credited to your monthly payments.
|
