What is an Escrow Analysis?
A. Chase completes an escrow analysis to ensure that the amount of your monthly escrow payment is sufficient to pay escrowed items (such as property taxes and homeowner’s insurance) as they are due. Chase completes an escrow analysis at least once yearly. The escrow analysis identifies any overages or shortages that may occur in the escrow account after the payment of items Chase collects and deposits in the escrow account. The escrow account normally does not include the collection of funds for supplemental or special assessments of tax bills.
An escrow analysis is performed annually to ensure the monthly escrow payment will be sufficient to pay escrow items, such as property taxes and homeowners insurance, as they become due. The escrow analysis identifies any overages and/or shortages that may be occurring in the escrow account after disbursements of escrowed items. The monthly escrow payment will be adjusted based on an increase or decrease in the amount of the item(s) for which the lender is escrowing.
