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Q: What is an escrow/impound account?
A: An escrow account is a service provided by Ocwen at no charge
to our customers. A portion of your monthly payment is set-aside
in this account to accumulate the amount necessary to pay your future
taxes and/or insurance when they become due. Generally, an
escrow account is set up when you purchased your home or refinanced
your loan, in order to allow sufficient time to accumulate the necessary
funds to cover future payments. If you have not previously
setup an escrow/impound account and would like to do so now, click
here to print the necessary form.
An initial escrow disclosure will be mailed to notify you of the
deposit amount required to open an escrow/impound account, along
with the projected monthly escrow payment. Once we receive
the required escrow deposit, the escrow account is activated and
the escrow payment is added to your monthly mortgage payment.
Q: How often is the escrow account analyzed?
A: Your escrow/impound account will be reviewed (analyzed) at least
once a year. We will compare the monthly deposits into your
escrow account to the projected payments to be made from your escrow/impound
account. You will receive a written escrow analysis notifying
you in advance of any necessary adjustments to your monthly payment
amount.
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