My payment increased due to escrow analysis. What is escrow analysis and why did it cause my payment to increase?
Most payment changes due to escrow analysis result from increased real estate taxes and/or hazard insurance premiums. They may also occur after a refinancing when the escrow reserve requirements have changed. Most new escrow accounts are governed by the federal Real Estate Servicing Protection Act, which in most cases establishes a maximum two-month escrow balance reserve. If you refinanced, your previous loan may have had a different requirement. This change can result in an escrow shortage.
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- My payment increased due to escrow analysis. What is escrow analysis and why did it cause my payment to increase?
