Escrow FAQs

An escrow analysis is an annually performed look at your previous year's disbursements. Your monthly escrow payment is then adjusted to account for increases or decreases the account covers, such as property taxes or homeowners insurance. You’ll receive a paper statement in the mail letting you know how much the difference is and when it’ll take effect.

If you receive a supplemental tax bill from the tax assessor, it's your responsibility to contact us with that information. We won't receive this bill.

Let us know either by logging in and selecting Manage Account from your Snapshot. Then, send us a note in the Message Center. Otherwise, you can mail your bill to:

Attn: Research Department
P.O. Box 77404
Ewing, NJ 08628

Or fax it to: 1-609-538-4005

Include your loan number on all supporting documentation.

Once we receive it, we'll review your escrow account then let you know within 15 business days whether you have enough to cover the cost and we’re able to distribute the funds to your tax office, or if you have insufficient funds and you'll be required to pay the amount, fees, and penalties directly to your tax office.

If you have an escrow shortage, you have two options for how to pay it back.

Pay it back in full. Make a lump sum payment either on our website or by check. (Be sure to add 'escrow shortage' to the memo section on your check or it will be applied as a regular payment to principal.)

Pay it over a 12-month period. This is the option your escrow will default to. Your new monthly payment will adjust to reflect any insurance or tax changes, spread over 12 months. Once the shortage has been paid, your monthly payment will be adjusted.

Yes. In order to do so, we'll need some information and documentation from you, including:

• Copies of your current tax bills and proof your taxes are paid and up to date
• Your current insurance bill
• Your insurance policy declaration page
• Proof showing your insurance premium is paid and up to date

Unpaid tax bills due within 60 days can’t be paid from your new escrow account. And unpaid insurance premiums due within 60 days can't be used to set up your escrow account. Any insurance premiums being submitted for escrow must be paid in full for the current year.

Mail your requests to:

Loan Administration
P.O. Box 77404
Ewing, NJ 08628

Or fax it to: 1-609-538-4005

Include your loan number on all supporting documentation.

This account is included in your monthly mortgage payment to cover your property taxes and homeowners insurance, as necessary. It's kept in a separate account by your loan servicer, and payments for taxes and insurance are made on your behalf.

If you receive notice of an approved tax exemption, let us know either by logging in and selecting Manage Account from your Snapshot. Then, send us a note in the Message Center. Or, mail your request to:

Tax Exemption Research
P.O. Box 77404
Ewing, NJ 08628

Or fax it to: 1-609-538-4005, Attn: Tax Exemption Research

Include your loan number on all supporting documentation.

Items typically paid from an escrow account include:

• Property taxes
• Homeowners insurance
• Private mortgage insurance
• Mortgage insurance premium
• Flood and wind insurance
• Utility taxes, if applicable

Sometimes, other items may be paid from your escrow on an as-needed basis, which can cause a shortage or surplus. Those items include:

• Special or added assessments
• Interim or supplemental tax bills
• Water or other utility tax bills not already collected
• Per capita tax bills

If your escrow analysis shows the fund in your account are more than what's required, you'll be refunded the amount of the surplus in the form of a check.

However, if your loan is past due 30 or more days, you won't be issued a refund. Instead, the surplus will be put toward your payment. If a surplus still exists once your loan is paid, then it may be refunded to you.

Yes. To set up an escrow account to pay insurance, we'll need a copy of:

• Your current insurance bill
• Your insurance policy declaration page
• Proof showing your insurance premium is paid and up to date

Mail your supporting documentation to:

Loan Administration
P.O. Box 77404
Ewing, NJ 08628

Or fax it to: 1-609-538-4005

Include your loan number on all supporting documentation. Unpaid insurance premiums due within 60 days can’t be used to set up your escrow account. Any insurance premiums being submitted for escrow must be paid in full for the current year.