What is the Annual Escrow Analysis Statement?
Your real estate taxes change every year. We review your escrow account annually to ensure there will be enough money in the account to make necessary tax payments.
The statement will detail any changes to your account including payment amount, any shortages or overages you may have, and your account activity.
It is important to remember that if you have your mortgage payment set up through online Bill Pay, whether with IC Federal Credit Union or another institution, you must manually update your payment amount to the new payment amount indicated on your statement. This does NOT happen automatically and could result in insufficient payments, which ultimately could result in delinquency.
Please contact the Mortgage Servicing Department with any questions at 800.262.1001. Select option #2, then option #2 again.