Information in this newsflash applies to Retained Servicing loans.
New automation is in place to adjust monthly mortgage payments when customers pay their Escrow Shortage in full prior to the effective date of the escrow analysis payment change. Customers may pay their shortage in full by mailing a check for the shortage amount using the coupon included with their Escrow Analysis Disclosure Statement. They may also pay funds toward escrow for the shortage over the phone, web portal or mobile app.
It is no longer necessary to open the ESCSHT task when customers pay their escrow shortage in full prior to the effective date of the payment change. As long as customers remit the full amount of the escrow shortage, system automation will adjust the payment.
A new monthly billing statement does not generate when customers pay their escrow shortage in full. Customers may reference the lower monthly payment amount shown in the Option 1 “Pay the Shortage in Full” section on their Annual Escrow Account Disclosure Statement. Future monthly billing statements will reflect the updated monthly payment amount.
Follow the process below when customers pay less than the total dollar amount of their escrow shortage and request their monthly payment amount be adjusted:
- Open the ANA001 task
- Document the following in the task notes:
- Dollar amount customer paid toward the Escrow Shortage
- Date the funds posted to Escrow
- Request new escrow analysis as a result of escrow payment
There is no minimum dollar amount threshold in order to request this new analysis when funds are paid toward the escrow shortage.
Click Here to view this updated procedure in KnowledgeOwl or type “Escrow Shortage” or “Pay Escrow Shortage” in the KnowledgeOwl search bar.