Family First recently mailed out our Mortgage Escrow Analysis letters to our mortgage bearing members with escrow accounts.
Below are the answers to some questions you may have when you receive this. If you have any additional questions, don't hesitate to call us. We're here to help!
What is an Escrow Analysis?
It is a projection for the next (12) months on how much you will be paying into your mortgage escrow account and how much will have to be paid out for property taxes, Home Insurance and in some cases, Flood Insurance. The result of the Analysis is a change in mortgage payment or possibly a surplus.
Why do I have a deficit/shortage on my escrow statement?
Deficits generally result from an increase in either real estate taxes or homeowner’s insurance premiums. Other common reasons for shortage are the loss of a school tax exemption or the original escrow being set up with exemptions relevant to a previous property owner and billed to Family First with these exemptions. Payment delinquencies can also impact this.
When will I get an overage refund?
Refunds were deposited into your share account (00) on February 23 and February 24.
Will the deficit cause my payment to increase?
Yes, the April 1st payment will increase as noted on page #3 of the your T&I Acct Disclosure Statement. You may choose to pay the deficit amount as noted on your statement.
What can I do to keep my escrow payment from increasing in the future?
You can review your taxable amount and discuss any discrepancies with the local taxing authorities. You may qualify for exemptions that you are not aware of. You may also get annual quotes for homeowner’s insurance to make sure that you’re paying the best premium for the same coverage. If at any time you do find a better price for your homeowner’s insurance and do switch companies, please immediately notify Family First of the changes.
I have automatic payments, what will happen to my transfers?
Any automatic payments from your Family First share will require a new Automatic Mortgage Payment Authorization Form. This form is included in the Escrow Analysis letter you received. Automatic payments, bill pay services, or transfers from other institutions will need to be adjusted manually. This includes ACH originations. A new ACH Origination form will need to be filled out and returned to Family First for processing. A new ACH Origination form was NOT included in the letter sent to you.
I did not receive coupons, why?
Coupons are not automatically generated as the majority of members pay through automatic payment, online transfer, or a bill pay method. You may request coupons at any time if you wish to use this payment method. If not enrolled in automatic payments, please consider using our convenient on-line banking and bill pay, automatic payments, or smart phone app to make your mortgage payment.
Where can I get more information?
Please call or email Jon Kilmer at 585.586.8225 ext. 131 or firstname.lastname@example.org