Annual Escrow Statements Coming to Your Mailbox Soon

Another year has passed, making it time for us to mail your annual summary known as an “Annual Escrow Account Disclosure Statement.” We send paper copies of these to every ServiSolutions borrower to break down the details of your monthly mortgage payment. You'll also be able to view your statement in your online account. The timing of this statement depends upon when property taxes are due in the state where you live.

You may have seen the term “PITI” before and know that it stands for Principal, Interest, Taxes, and Insurance. The PI part (principal and interest) does not change each year with your fixed-rate mortgage. But the TI part (taxes and insurance) may change a little. That change does not come from ServiSolutions, but from your state and local government (taxes) and your insurance company (insurance). Like most other mortgage servicers, ServiSolutions simply updates the estimated amounts required for your taxes and insurance for the coming year, so that these bills will continue to be paid on your behalf. That money is held for you in an escrow account.

In the statement we show you your new payment amount that includes this change. If your taxes and insurance decrease, so that you have overpaid by more than $50 based on last year’s estimates, then we will mail you a refund check for the difference. If your taxes and insurance increase, so that you are likely to owe more in the year ahead, your statement will reflect a higher estimated amount. You can pay your shortage all at once for the whole year or just pay 1/12 of it each month in your new mortgage payment.

Questions? Visit Understanding Escrow | ServiSolutions for FAQs and more.