Escrow may be removed from your account if allowed by the owner of the loan and if the account meets certain requirements including, but not limited to:
- Your loan must be current.
- You have paid at least 80% of your loan’s original appraisal value.
- You have had no late payments 30+ days in the past 12 months and 60+ days in past 24 months.
- You have not had your loan modified.
- Your account is not in active bankruptcy.
- You do not have Forced Placed Insurance or Mortgage Insurance.
- You do not have an FHA loan.
- Your escrow account is not negative.
If you believe that your account meets these conditions, you can apply for the escrow account to be removed by calling our
Customer Care Department at, 1-855-354-3471. Our hours of operation are Monday through Friday, 6:00 a.m. until 6:00 p.m. MT.
If we are servicing your first mortgage, please contact our Customer Care Department at 1-855-354-3471
to add tax and/or insurance escrow to your monthly payment. Our hours of operation are Monday through Friday, 6:00 a.m. until 6:00 p.m. MT.
We do not provide escrow services for second mortgages.
Escrow may be a requirement for your loan if:
- You have had a loan modification.
- Your insurance and/or taxes were delinquent, so we paid them and added escrow to your account.
- Your loan provider requires it (refer to your initial ‘Escrow Analysis Statement’ or your ‘Closing Disclosure Statement’ to check if this applied to you).
Escrow may be removed from your account if allowed by the owner of the loan and if the account meets certain requirements including, but not limited to:
- Your loan must be current.
- You have paid at least 80% of your loan’s original appraisal value.
- You have had no late payments 30+ days in the past 12 months and 60+ days in past 24 months.
- You have not had your loan modified.
- Your account is not in active bankruptcy.
- You do not have Forced Placed Insurance or Mortgage Insurance.
- You do not have an FHA loan.
- Your escrow account is not negative.
If you believe that your account meets these conditions, you can apply for the escrow account to be removed by calling our Customer Care Department at, 1-855-354-3471. Our hours of operation are Monday through Friday, 6:00 a.m. until 6:00 p.m. MT.
If we are servicing your first mortgage, please contact our Customer Care Department at 1-855-354-3471 to add tax and/or insurance escrow to your monthly payment. Our hours of operation are Monday through Friday, 6:00 a.m. until 6:00 p.m. MT.
We do not provide escrow services for second mortgages.
Escrow may be a requirement for your loan if:
- You have had a loan modification.
- Your insurance and/or taxes were delinquent, so we paid them and added escrow to your account.
- Your loan provider requires it (refer to your initial ‘Escrow Analysis Statement’ or your ‘Closing Disclosure Statement’ to check if this applied to you).
We will pay your taxes on your behalf. We typically receive notification of taxes due directly from your taxing authority, but many taxing authorities will also send a statement of
taxes due to the property owner. Please write your mortgage account number on the tax bill and send it via mail or fax to the address or fax number below. Be sure to keep a copy for your records.
- FirstBank c/o Specialized Loan Servicing
- Correspondence Department
- 3001 Hackberry Rd 1st Floor
- Irving, TX 75063
- Fax: 1-817-826-0460
- Email: customer.support@sls.net
We will pay your insurance premium on your behalf. We typically receive the notice of renewal directly from your insurance carrier, but many insurance carriers will also send you a copy of the notice.
Please write your FirstBank account number on your insurance bill, and upload the information to www.MyCoverageInfo.com/FirstBank
While uploading to our website is the preferred method, you may also email a copy of your insurance information to sls@mycoverageinfo.com, or send it via mail using the details below. Please be sure to keep a copy for your records.
- FirstBank, ISAOA
- C/O Specialized Loan Servicing LLC
- P.O. Box 4500
- Springfield, OH 45501
www.MyCoverageInfo.com/FirstBank
Insurance premiums and taxes can change over time because of price increases from your insurance carrier and your local tax authority.
We want to make sure you have enough in your escrow account each year to cover your bills, and so we adjust your escrow portion of your payment accordingly.
It is important that you notify us when you have changed insurance policies.
This information may be updated by contacting the Insurance Department at 1-800-441-4145,
or by updating the information online at www.MyCoverageInfo.com/FirstBank.
We do not have the right to cancel your previous policy and most will auto-renew. It is critical that you contact your prior insurer or agent and cancel the prior policy.
We anticipate insurance premium due dates and failure to timely update insurance carrier information may result in a disbursement being sent for your prior policy.
Once we are notified of the new policy, we will also pay that premium, which will leave your escrow account with a shortage. If this occurs, the previous carrier will typically issue their refund check directly to you.
As previously discussed with escrow shortages, you may pay the escrow account shortage at any time or the shortage will be divided by 12 and added to your escrow payment for the next 12 months.
If you think that there has been an error made on your payments please contact the relevant department directly.
Tax:
- Phone: 1-866-801-1373
- Hours: Monday through Friday, 6:00 a.m. until 6:00 p.m. ET
Insurance:
- Phone: 1-800-441-4145
- Hours: Monday through Friday, 6:00 a.m. until 6:00 p.m. MT
Please write your FirstBank account number on your insurance policy, with proof of payment and upload the information to www.MyCoverageInfo.com/FirstBank
While uploading to our website is the preferred method, you may also email a copy of your insurance information to sls@mycoverageinfo.com, or send it via mail using the details below. Be sure to keep a copy for your records.
- FirstBank, ISAOA
- C/O Specialized Loan Servicing LLC
- P.O. Box 4500
- Springfield, OH 45501
- www.MyCoverageInfo.com/FirstBank
We collect a cushion as prescribed in the note.
Your cushion is the minimum required balance amount. Your cushion amount may change each year due to projected increases in your property taxes and /or insurance premiums.
Under applicable federal law, lenders can maintain in reserve two months of estimated escrow payments, unless otherwise restricted by applicable state law or contractual provisions.
We will pay your taxes on your behalf. We typically receive notification of taxes due directly from your taxing authority, but many taxing authorities will also send a statement of taxes due to the property owner. Please write your mortgage account number on the tax bill and send it via mail or fax to the address or fax number below. Be sure to keep a copy for your records.
- FirstBank c/o Specialized Loan Servicing
- Correspondence Department
- 3001 Hackberry Rd 1st Floor
- Irving, TX 75063
- Fax: 1-817-826-0460
- Email: customer.support@sls.net
We will pay your insurance premium on your behalf. We typically receive the notice of renewal directly from your insurance carrier, but many insurance carriers will also send you a copy of the notice.
Please write your FirstBank account number on your insurance bill, and upload the information to www.MyCoverageInfo.com/FirstBank
While uploading to our website is the preferred method, you may also email a copy of your insurance information to sls@mycoverageinfo.com, or send it via mail using the details below. Please be sure to keep a copy for your records.
- FirstBank, ISAOA
- C/O Specialized Loan Servicing LLC
- P.O. Box 4500
- Springfield, OH 45501 www.MyCoverageInfo.com/FirstBank
Insurance premiums and taxes can change over time because of price increases from your insurance carrier and your local tax authority. We want to make sure you have enough in your escrow account each year to cover your bills, and so we adjust your escrow portion of your payment accordingly.
It is important that you notify us when you have changed insurance policies. This information may be updated by contacting the Insurance Department at 1-800-441-4145, or by updating the information online at www.MyCoverageInfo.com/FirstBank.
We do not have the right to cancel your previous policy and most will auto-renew. It is critical that you contact your prior insurer or agent and cancel the prior policy.
We anticipate insurance premium due dates and failure to timely update insurance carrier information may result in a disbursement being sent for your prior policy. Once we are notified of the new policy, we will also pay that premium, which will leave your escrow account with a shortage. If this occurs, the previous carrier will typically issue their refund check directly to you. As previously discussed with escrow shortages, you may pay the escrow account shortage at any time or the shortage will be divided by 12 and added to your escrow payment for the next 12 months.
If you think that there has been an error made on your payments please contact the relevant department directly.
Tax:
- Phone: 1-866-801-1373
- Hours: Monday through Friday, 6:00 a.m. until 6:00 p.m. ET
Insurance:
- Phone: 1-800-441-4145
- Hours: Monday through Friday, 6:00 a.m. until 6:00 p.m. MT
Please write your FirstBank account number on your insurance policy, with proof of payment and upload the information to www.MyCoverageInfo.com/FirstBank
While uploading to our website is the preferred method, you may also email a copy of your insurance information to sls@mycoverageinfo.com, or send it via mail using the details below. Be sure to keep a copy for your records.
- FirstBank, ISAOA
- C/O Specialized Loan Servicing LLC
- P.O. Box 4500
- Springfield, OH 45501
- www.MyCoverageInfo.com/FirstBank
We collect a cushion as prescribed in the note.
Your cushion is the minimum required balance amount. Your cushion amount may change each year due to projected increases in your property taxes and /or insurance premiums.
Under applicable federal law, lenders can maintain in reserve two months of estimated escrow payments, unless otherwise restricted by applicable state law or contractual provisions.
Each year we project how much you will need in your escrow account for the upcoming year. We base it on the amount of taxes and/or insurance you paid during the past 12 months.
The total you paid is divided by 12 to get your projected monthly escrow payment, which you pay each month as part of your monthly mortgage payment.
Sometimes, your payment must be adjusted to ensure your monthly balance remains above the required minimum balance during the next 12 months. This minimum balance is typically
equal to two months of escrow payments, also known as a "cushion".
If your taxes and/or insurance change during the next year or your monthly escrow balance falls below the required minimum amount, you could have a shortage or surplus in your
account when we do an annual Escrow Analysis next year.
Your cushion or minimum required balance amount is an amount collected to offset any unanticipated increases in property taxes or insurance premiums. Your cushion amount may change
each year due to projected increases in your property taxes and /or insurance premiums.
Under applicable federal law, lenders can maintain in reserve two months of estimated escrow payments unless otherwise restricted by applicable state law or contractual provisions.
Each year we project how much you will need in your escrow account for the upcoming year. We base it on the amount of taxes and/or insurance you paid during the past 12 months. The total you paid is divided by 12 to get your projected monthly escrow payment, which you pay each month as part of your monthly mortgage payment.
Sometimes, your payment must be adjusted to ensure your monthly balance remains above the required minimum balance during the next 12 months. This minimum balance is typically equal to two months of escrow payments, also known as a "cushion".
If your taxes and/or insurance change during the next year or your monthly escrow balance falls below the required minimum amount, you could have a shortage or surplus in your account when we do an annual Escrow Analysis next year.
Your cushion or minimum required balance amount is an amount collected to offset any unanticipated increases in property taxes or insurance premiums. Your cushion amount may change each year due to projected increases in your property taxes and /or insurance premiums.
Under applicable federal law, lenders can maintain in reserve two months of estimated escrow payments unless otherwise restricted by applicable state law or contractual provisions.
A negative escrow balance occurs when payments are made from the escrow account that exceeds the amount collected for escrow disbursements. This may occur even
if you have been making your regular escrow payments and is typically a result of unanticipated increases to your taxes and/or insurance premiums or unscheduled
disbursements such as a new insurance policy.
A shortage in your escrow account occurs when the projected escrow balance is less than the minimum required balance (cushion amount). A shortage can occur due to the following:
- We had to pay more for your taxes and/or insurance premiums last year than we anticipated.
- We project that next year your taxes and/or insurance premiums will go up.
- Your "cushion" or reserve amount has increased to cover increased or projected increases to taxes and/or insurance premiums.
Note: An escrow account can have a shortage even though the balance is positive due to projected disbursements.
An escrow shortage is the difference between the required minimum balance and the lowest projected balance throughout the computational year. Refer to part 3
of your FirstBank Escrow Analysis for your specific account details.
The shortage amount will be spread over 12 months and added to your monthly base escrow payment. This is the default option and no action is required.
The shortage you paid was the difference between your escrow balance at the time we last completed an escrow analysis and the required minimum balance based on the projected taxes and/or insurance to be paid.
However, because the required disbursements for future taxes/insurance disbursements increased, the amount collected for these items has also increased in order to ensure there are sufficient funds in the escrow account for the disbursements over the next 12 months and the applicable “cushion” just in case the taxes or insurance premium increase more than expected.
A negative escrow balance occurs when payments are made from the escrow account that exceeds the amount collected for escrow disbursements. This may occur even if you have been making your regular escrow payments and is typically a result of unanticipated increases to your taxes and/or insurance premiums or unscheduled disbursements such as a new insurance policy.
A shortage in your escrow account occurs when the projected escrow balance is less than the minimum required balance (cushion amount). A shortage can occur due to the following:
- We had to pay more for your taxes and/or insurance premiums last year than we anticipated.
- We project that next year your taxes and/or insurance premiums will go up.
- Your "cushion" or reserve amount has increased to cover increased or projected increases to taxes and/or insurance premiums.
Note: An escrow account can have a shortage even though the balance is positive due to projected disbursements.
An escrow shortage is the difference between the required minimum balance and the lowest projected balance throughout the computational year. Refer to part 3 of your FirstBank Escrow Analysis for your specific account details.
The shortage amount will be spread over 12 months and added to your monthly base escrow payment. This is the default option and no action is required.
The shortage you paid was the difference between your escrow balance at the time we last completed an escrow analysis and the required minimum balance based on the projected taxes and/or insurance to be paid. However, because the required disbursements for future taxes/insurance disbursements increased, the amount collected for these items has also increased in order to ensure there are sufficient funds in the escrow account for the disbursements over the next 12 months and the applicable “cushion” just in case the taxes or insurance premium increase more than expected.
A surplus may be identified when your escrow balance exceeds the required balance on the effective date of the escrow analysis.
The projected surplus assumes all payments due will be made as agreed.
This amount will be returned to you if your loan is current in one of two ways depending on the amount of the surplus and state requirements:
- If the projected surplus is less than $50.00 – the funds will be spread out over a period of 12 months and be credited against your monthly payment amount.
-
If the projected surplus is equal to or greater than $50.00 – a refund check for the surplus amount will be mailed to you with the Escrow Analysis.
It is a requirement that this amount be returned to you if the account is current at the time of escrow analysis.
Please note that if your account is delinquent at the time the escrow analysis was completed, you will not receive a surplus refund
and the amount of any projected surplus will remain in your escrow account.
Your mortgage may have been past due at the time the escrow analysis was run. If so, any amounts reflected as a surplus are estimates based on a projection of all your contractual mortgage payments being made and your mortgage being current.
Please note that if your account is delinquent at the time the escrow analysis was completed, you will not receive a surplus refund
and the amount of any projected surplus will remain in your escrow account.
If your mortgage is current and you have not received the escrow surplus check, please contact our
Customer Care Department at, 1-855-354-3471. Our hours of operation are Monday through Friday, 6:00 a.m. until 6:00 p.m. MT.
Your escrow account may still have a surplus even though disbursements are expected to increase due to unanticipated credits or changes in the due dates of disbursements.
At least annually, we will review your escrow account as well as the tax and insurance disbursements that we anticipate over the next 12 months. If your escrow account is projected to be over funded by $50 or more, and your loan was current at the time the analysis was run, we are required by regulation to send you a refund check.
A surplus may be identified when your escrow balance exceeds the required balance on the effective date of the escrow analysis. The projected surplus assumes all payments due will be made as agreed.
This amount will be returned to you if your loan is current in one of two ways depending on the amount of the surplus and state requirements:
- If the projected surplus is less than $50.00 – the funds will be spread out over a period of 12 months and be credited against your monthly payment amount.
- If the projected surplus is equal to or greater than $50.00 – a refund check for the surplus amount will be mailed to you with the Escrow Analysis. It is a requirement that this amount be returned to you if the account is current at the time of escrow analysis.
Please note that if your account is delinquent at the time the escrow analysis was completed, you will not receive a surplus refund and the amount of any projected surplus will remain in your escrow account.
Your mortgage may have been past due at the time the escrow analysis was run. If so, any amounts reflected as a surplus are estimates based on a projection of all your contractual mortgage payments being made and your mortgage being current.
Please note that if your account is delinquent at the time the escrow analysis was completed, you will not receive a surplus refund and the amount of any projected surplus will remain in your escrow account.
If your mortgage is current and you have not received the escrow surplus check, please contact our Customer Care Department at, 1-855-354-3471. Our hours of operation are Monday through Friday, 6:00 a.m. until 6:00 p.m. MT.
Your escrow account may still have a surplus even though disbursements are expected to increase due to unanticipated credits or changes in the due dates of disbursements.
At least annually, we will review your escrow account as well as the tax and insurance disbursements that we anticipate over the next 12 months. If your escrow account is projected to be over funded by $50 or more, and your loan was current at the time the analysis was run, we are required by regulation to send you a refund check.
My taxing authority has determined (assessed) my taxes:
Typically, the first year’s property taxes on a “new build” are based on the value of the unimproved lot, but you can expect your taxing authority to raise the taxes when they assess the property value as an improved lot.
When this occurs, if you have an escrow account, we will pay the taxes due, even if the funds in your escrow account are not enough to pay the bill. If this happens, there will be a deficiency in your escrow account.
You will be notified of the deficiency through an Escrow Analysis Statement and you may pay the deficiency in a lump sum, or we will divide the deficiency amount by 12 and add this amount to your monthly payment for the
next 12 months so that you can pay the deficiency over time. Note, this amount is separate from the increase in the escrow payment that results in order to ensure there are sufficient funds in the escrow account for the
disbursements projected over the next 12 months, and the applicable “cushion” just in case the taxes increase more than expected.
Taxes are still To Be Apportioned (“TBA”)
Your appraisal will indicate if your taxing authority has not determined your property taxes. Until your taxing authority assesses the property taxes for your property, we will not collect for property taxes.
If any amount has been received for taxes, that are still TBA, we will return the funds.
You will be notified by your taxing authority when they determine your taxes. Please write your mortgage account number on the notification and send it via mail or fax to the address or fax number below. Be sure to keep a copy for your records.
- FirstBank c/o Specialized Loan Servicing
- Correspondence Department
- 3001 Hackberry Rd 1st Floor
- Irving, TX 75063
- Fax: 1-817-826-0460
- Email: customer.support@sls.net
When your tax bill is sent to us from the taxing authority, if you have an escrow account, we will pay the taxes due, even if the funds in your escrow account are not enough to pay the bill.
If this happens, there will be a deficiency in your escrow account. You will be notified of the deficiency through an Escrow Analysis Statement. You may pay the deficiency in a lump sum or
we will divide the deficiency amount by 12 and add this amount to your monthly payment for the next 12 months so that you can pay the deficiency over time. Note that amount is separate from
the increase in the escrow payment that results in order to ensure there are sufficient funds in the escrow account for the disbursements projected over the next 12 months and the applicable “cushion” just in case the taxes increase more than expected.
My taxing authority has determined (assessed) my taxes:
Typically, the first year’s property taxes on a “new build” are based on the value of the unimproved lot, but you can expect your taxing authority to raise the taxes when they assess the property value as an improved lot.
When this occurs, if you have an escrow account, we will pay the taxes due, even if the funds in your escrow account are not enough to pay the bill. If this happens, there will be a deficiency in your escrow account.
You will be notified of the deficiency through an Escrow Analysis Statement and you may pay the deficiency in a lump sum, or we will divide the deficiency amount by 12 and add this amount to your monthly payment for the
next 12 months so that you can pay the deficiency over time. Note, this amount is separate from the increase in the escrow payment that results in order to ensure there are sufficient funds in the escrow account for the
disbursements projected over the next 12 months, and the applicable “cushion” just in case the taxes increase more than expected.
Taxes are still To Be Apportioned (“TBA”)
Your appraisal will indicate if your taxing authority has not determined your property taxes. Until your taxing authority assesses the property taxes for your property, we will not collect for property taxes.
If any amount has been received for taxes, that are still TBA, we will return the funds.
You will be notified by your taxing authority when they determine your taxes. Please write your mortgage account number on the notification and send it via mail or fax to the address or fax number below. Be sure to keep a copy for your records.
- FirstBank c/o Specialized Loan Servicing
- Correspondence Department
- 3001 Hackberry Rd 1st Floor
- Irving, TX 75063
- Fax: 1-817-826-0460
- Email: customer.support@sls.net
When your tax bill is sent to us from the taxing authority, if you have an escrow account, we will pay the taxes due, even if the funds in your escrow account are not enough to pay the bill. If this happens, there will be a deficiency in your escrow account. You will be notified of the deficiency through an Escrow Analysis Statement. You may pay the deficiency in a lump sum or we will divide the deficiency amount by 12 and add this amount to your monthly payment for the next 12 months so that you can pay the deficiency over time. Note that amount is separate from the increase in the escrow payment that results in order to ensure there are sufficient funds in the escrow account for the disbursements projected over the next 12 months and the applicable “cushion” just in case the taxes increase more than expected.