General Info
What is an escrow shortage?
when your mortgage escrow account does not have enough money to cover your projected property taxes, homeowners insurance bills, and the required minimum cushion
Customer calls inquiring about a their escrow check being returned to the bank.
Escrow Refund Information - MTG
Escrow Analysis Statement Information - MTG
Where can you look for the amount of a customer's escrow shortage?
Escrow > Overage/Shortage
When the requestor of the payoff wishes for M&T to pay the tax bill and IF the amount is available, submit the following task.
TAXPAY
What can cause an escrow shortage?
An increase of taxes and/or insurance.
Specialty Escrow Information - MTG
Escrow Overview in CSX - MTG
Where can you find a quick overview of the customer's most recent escrow analysis?
Loan Overview
What must be included in the TAXPAY so the customer's tax bill is paid prior to payoff.
What options do customers have to address an escrow shortage?
1) Pay the shortage in full
2) Shortage will be spread over 12 months
Customer requests for escrow shortage to be spread longer than 12 months which procedure should you review before advising?
Escrow Shortage Information - MTG
Customer receives a deliquent tax bill and wants to know what happens next.
Specialty Escrow Information - MTG
Where can you see the customers escrow items details?
Escrow > Escrow Overview
Which task is used to request the escrow refund back that was deposited back when escrow refund was redeposited back from the REDCHK tag
CSHRFE
Can a customer make a partial escrow shortage payment?
No - an escrow shortage must be paid in full.
Customer needs an escrow check reissued because it was lost/stolen.
Escrow Refund Information - MTG
Customer sent in escrow shortage payment but funds were sent to suspense and needs them applied to escrow.
Escrow Shortage Information - MTG
Where can you obtain a copy of the customer's past escrow analysis statements?
Documents > Letters
Why would you submit an ESCANA task?
To have an account re-analyzed if there is no escrow analysis scheduled within 60 days and analyzing it 60 days out for a payment change
How long does a customer have to pay their shortage after their analysis?
60 days
Which procedure will help you review the account and submit for a out of cycle analysis if needed?
Escrow Analysis Statement Information - MTG
Customer underpays escrow shortage by $50 or more
Payment Will Short Escrow More Than $50 in CSX - MTG
Where can you see a customer's escrow maintenance history?
Escrow > Escrow Overview
What task is used if a customer needs an escrow analysis after a shortage is paid?
ESCSPD