How to Read Annual Tax and Interest Statement Escrow Account Disclosure
An Escrow Assay is a review of your escrow account to ensure enough funds are collected to pay upcoming installments of your insurance premium(southward) and/or belongings taxes. Your Escrow Assay statement is designed to provide you lot with details about the review of your escrow business relationship and the resulting changes to your monthly escrow payment. Please make certain that your name and address are shown correctly on the argument.
If you have questions, please contact the Escrow Department by emailing [email protected] with questions about your escrow account.
one-Escrow Activeness Summary for Prior Yr: This section includes a table of data that was used during your escrow assay to determine the changes to your monthly payment. The table lists all of the expected and actual escrow transactions for your escrow account during the previous 12 months, including:
Payments: Projected – The escrow portion of your monthly payment that was scheduled to exist made each month.
Payments: Actual – The escrow portion of your monthly payment that was actually made and was deposited into your escrow account.
Disbursements: Projected – Funds that were expected to exist paid out of your escrow account to pay for predictable property taxes and insurance premiums.
Disbursements: Actual – Funds that were really paid out of your escrow account to pay for belongings taxes and insurance premiums.
Escrow Residual Projected – The balance of your escrow business relationship at the stop of each month based on the Projected Payments and Projected Disbursements made during the month.
Escrow Balance Actual – The rest of your escrow business relationship at the end of each month based on the Bodily Payments and Actual Disbursements made during the calendar month.
2-Escrow Projected Summary
The Escrow Projected Summary tabular array lists the Projected escrow transactions for your escrow account during the upcoming 12 months. For each month in the listing, the Outset Balance is compared to the Required Residue to decide if at that place are enough funds to cover the expected property tax and insurance premium payments and run into the Escrow Reserve requirement for your account.
The Starting time Residuum is the amount needed in the account by your next escrow period start appointment (March 1st in the example to the right) to ensure at that place are plenty funds to embrace expected holding revenue enhancement, insurance premium payments and come across the escrow reserve requirements.
3-Projected Disbursement Summary
This is the annual projected amount for the taxes and insurance to be paid during the upcoming 12 months based on the amounts owed the prior year. The reserve section is a two month cushion that a lender is permitted to maintain in your escrow account by Federal Law. This reserve is built into your business relationship to help comprehend unanticipated increases in your property taxes and insurance.
four-Escrow Assay Summary for the Coming Yr 
This department explains what the balance will be in your escrow account at the start of your next period, (eg: In the sample to the right it is March 1st.) It also explains if your escrow residue reflects a shortage or a surplus. An escrow shortage means your annual taxes and/or insurance payment was more than than what nosotros nerveless in your monthly mortgage payment for the previous 12 months. If you lot have a shortage nosotros will collect the shortage over the next 12 month period. Yet, you may cull to pay the shortage in full past the date indicated on the statement. If you accept a surplus information technology means your taxes and/or insurance payment was less than what we predictable. If you take a surplus of $50 or more than y'all will receive a bank check within thirty days.
5-Payment Modify
This department outlines the difference between your quondam payment to what your new monthly payment will exist.
Old Monthly Payment: This is a breakup of your one-time monthly payment amount prior to this escrow assay.
New Monthly Payment: This is what your new payment will be depending on if you lot pay the shortage, or y'all adopt to make up the shortage over the next 12 months.
Escrow Payments: Payments fabricated for your holding taxes and/or insurance premiums.
half dozen-Escrow Shortage Payment Notice: Please mail this payment coupon back with the amount listed if you would like to pay your escrow shortage.
Please Note: The Callaway Bank does not command the actual amount of your tax and insurance bills. Please contact your insurance company or your local insurance amanuensis if you have questions most changes to your premium. Delight contact your local tax part if you have questions about your tax amount.
If you have questions regarding your statement, please contact our Escrow Department at 573-592-6396.
Source: https://www.callawaybank.com/loans/mortgage-center/how-to-read-your-escrow-analysis-statement/