What is an escrow surplus?
A surplus in the escrow account occurs when the account is analyzed and it is determined that there is more than enough money in the account to pay the tax and insurance bills, etc. that were due, with money left over. • If mortgage account is current and the amount of the escrow surplus is $50.00 or more, a check for the surplus amount will be mailed to you within 30 days of the escrow analysis statement. • When we project that your account has an escrow surplus we base the calculation on the assumption that your loan is current, therefore if your loan is delinquent (with past due payments) the surplus reflected in the analysis is not actually available, until you bring the loan current. Once the loan is current, you can call the customer service department and request the escrow surplus, and provided that there were no new escrow bills paid, you will receive the surplus check within about 30 days.
