The information in this newsflash applies to Retained Servicing loans.
Mortgage loans with escrow accounts are required to be reviewed, or analyzed, at least once during a 12 month period. This is referred to as the Annual Escrow Analysis or Mass Escrow Analysis. Based on the State in which the property is located, the Escrow Department creates a schedule and analyzes loans within a selected group of States each month.
The Escrow Department has provided the Escrow Analysis by State Schedule for 2020, and this information can be viewed in the Escrow Section in KnowledgeOwl. Click here to view this schedule.
Customers must be notified of any payment change resulting from the analysis at least 45 days prior to the effective date of the new payment amount. This means, for example, loans in the States scheduled to be analyzed in March will see their new payment amount effective with the May 1, 2020 mortgage payment. This and other key topics regarding escrow analysis will be reviewed and further explained during Escrow Analysis Refresher Training Sessions that will be conducted in early March.
Please see your manager or lead if you have questions.