The information in this newsflash applies to Retained Servicing Loans.
The Retained Servicing Loans in the State of Wisconsin with Escrow Accounts have been analyzed with a Payment Change Effective Date of May 1, 2020.
Escrow shortages resulting from this analysis have been spread over 12 months, unless the loan had a previous shortage spread greater than 12 months. In those instances, loans were analyzed using the remaining term of the original shortage spread.
Remember, escrow overages less than $50.00 are given as a one-time credit toward the first payment in this new Escrow Analysis Payment Cycle. Escrow refund checks were mailed to customers with Escrow Overage amounts of $50.00 or greater.
Total Loans Analyzed: 3,900
- Average Escrow Shortage: $566.71
- Average Escrow Overage: $562.90
- Average Payment Decrease: $45.77
- Average Payment Increase: $76.23
Please see your manager or lead if you have questions.